Tenaska to Acquire Covert Power Plant in Michigan
Posted on: Tuesday, 14 October 2008, 09:00 CDT
Tenaska Capital Management has announced that its wholly managed company has entered into an agreement with MACH Gen to acquire the New Covert Generating Company, the owner of the Covert generating plant located near South Haven, Michigan.
The Covert facility is a 1,100MW, natural gas-fueled combined-cycle generating plant that sells power into the Midwest Independent System Operator (MISO) market. The plant went into operation in 2004.
The acquisition is subject to approval by various federal, state and permitting agencies, and is expected to close by the end of 2008.
Dan Lonergan, senior managing director of Tenaska Capital, said: "The Covert facility uses the most efficient combustion turbine technology available in today's market. We are pleased to add Covert to our generation portfolio and believe the facility is well positioned to serve regional markets in the coming years."
Source: Datamonitor
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