Boston, Mass., January 15, 2003 — ArcLight Capital Partners, LLC, a private equity firm, announced that it has acquired the 34-MW Big Spring electric power generating facility located in Big Spring, Texas.
The facility was purchased from the bondholders of York Power Funding, who took control of the plant as a result of the bankruptcy of the York Research Corporation. Big Spring, which began commercial operations in May 1999, sells 100% of its output to Texas Utilities under a long-term power purchase agreement. ArcLight’s partner in the transaction, Caithness Energy, will operate the plant.
“The Big Spring wind farm is a high performance, state-of-the-art facility with a quality long-term offtake agreement,” said Robb Turner, ArcLight’s Senior Partner. “Given the larger number of power producers experiencing financial distress and the favorable outlook for clean energy, we view the current market as a highly attractive one to build a portfolio of wind assets.”
ArcLight Capital Partners manages the $950 million ArcLight Energy Partners Fund I, L.P. The Fund was established to capitalize on attractive investment opportunities in the rapidly evolving power, utility and energy industry. ArcLight’s acquisition of the Big Spring plant represents its 16th fund investment.
Additional information on ArcLight is available at the company’s web site, www.arclightcapital.com.