Tenaska Power Fund and Warburg Pincus Agree to Joint Acquisition Of Three Dominion Electric Generating Stations
Posted on: Thursday, 21 December 2006, 09:00 CST
OMAHA, Neb., Dec. 21 /PRNewswire/ -- A subsidiary of Tenaska Power Fund, L.P. (TPF), and an affiliate of Warburg Pincus LLC, have jointly signed an agreement to acquire three electric generating stations from Dominion of Richmond, Va.
The announcement was made by Tenaska Capital Management, LLC (Tenaska Capital) on behalf of TPF, and Warburg Pincus on behalf of Warburg Pincus Private Equity IX, L.P. The terms of the transaction were not disclosed. The sale is subject to regulatory approvals and is expected to close in the first quarter of 2007.
The three plants include the 625-megawatt (MW) Armstrong plant in Armstrong County, Pa.; the 313-MW Pleasants plant in Pleasants County, W.Va.; and the 600-MW Troy plant in Wood County, Ohio. The Pleasants and Armstrong plants are positioned to deliver power to the PJM energy grid; the Troy plant serves the Midwest ISO energy grid.
"By joining together to make this purchase, TPF and Warburg Pincus have acquired high quality facilities in strategic locations which help meet market demand," said Alan Levande, managing director of Tenaska Capital, manager of TPF.
"Both Tenaska Power Fund and Warburg Pincus have similar goals and strict investment criteria for energy projects," said Chansoo Joung, a Warburg Pincus managing director. "The added value of Tenaska's broad and deep experience in energy management, production and marketing makes this an exciting addition to our energy portfolio."
About Tenaska Power Fund L.P. and Tenaska Capital Management, LLC
Tenaska Power Fund, L.P. (TPF) is a private equity limited partnership formed by its managing directors and the owners of Tenaska Energy, Inc. (Tenaska) to utilize their proven financial, marketing, technical and operating expertise to invest in a diverse group of energy and power companies and assets in the United States. TPF is held outside of Tenaska's holding company structure.
TPF has acquired eight other electric generating stations along with energy storage- and infrastructure construction and maintenance-related assets since its formation in 2003.
Tenaska Capital Management, LLC, TPF's manager, is an affiliate of Tenaska which is one of the largest independent power producers in the United States. Tenaska affiliates also market natural gas and electric power, with Tenaska's natural gas marketing affiliate regarded as one of the top ten natural gas marketers in North America. For more information about TPF, visit its Web site at http://www.tenaska.com/company/index.html
About Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971. The firm currently has approximately $15 billion under management and invests in a range of sectors including energy, technology, media and telecommunications, healthcare, consumer and industrial, financial services, LBOs and special situations and real estate. Warburg Pincus has raised 12 private equity investment funds which have invested more than $24 billion in approximately 550 companies in 30 countries. The firm has been involved in oil and gas exploration and production, energy and power projects and oilfield and other services since the late 1980s. An experienced partner to entrepreneurs seeking to create and build durable companies with sustainable value, the firm has offices in New York, Menlo Park, London, Frankfurt, Hong Kong, Beijing, Tokyo and Mumbai. For more information, please visit http://www.warburgpincus.com/.
About Dominion
Dominion is one of the nation's largest producers of energy. The company's asset portfolio consists of about 28,000 megawatts of power generation, 6,000 miles of electric transmission, about 6.6 trillion cubic feet equivalent of proved natural gas reserves, 7,800 miles of natural gas pipeline and the nation's largest natural gas storage system, with about 950 billion cubic feet of storage capacity. Dominion also serves retail energy customers in 11 states. Corporate headquarters are in Richmond, Virginia.
Tenaska Power Fund, L.P.
CONTACT: Jana Martin of Tenaska Power Fund, L.P., +1-402-691-9595, orcell, +1-402-203-0748, jmartin@tenaska.com
Web site: http://www.warburgpincus.com/
Web site: http://www.tenaska.com/company/index.html
Source: PRNewswire
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