ArcLight Capital Partners LLC said Wednesday that it has agreed to sell all of its indirect interests in Michigan Power LP LLC to Rockland Power Partners II L.P. Financial terms weren’t announced. Michigan Power is 125 MW natural gas-fired combined cycle cogeneration plant that sells 100% of its electric output to Consumers Energy Company under the terms of a long-term Power Purchase Agreement.
BOSTON, Oct. 21, 2015 /PRNewswire/ — ArcLight Capital Partners, LLC (“Arclight”) announces that ArcLight Energy Partners Fund II, L.P. and ArcLight Energy Partners Fund V, L.P. have entered into an agreement to sell 100% of the indirect interests in Michigan Power LP, LLC (“Michigan Power”), the owner of a cogeneration facility located in Ludington, Michigan to a subsidiary of Rockland Power Partners II, L.P. Michigan Power is a fully contracted, 125 MW natural gas-fired combined cycle cogeneration plant that sells 100% of its electric output to Consumers Energy Company under the terms of a long-term Power Purchase Agreement. Additionally, the project supplies steam and compressed air to Occidental Chemical Corporation’s Ludington plant under the terms of a Steam Sales Agreement. The sale is expected to close by year end following receipt of customary approvals.
About ArcLight Capital
ArcLight is one of the leading private equity firms focused on North American and Western European energy assets. Since its establishment in 2001, ArcLight has invested over $13.1 billion across multiple energy cycles in more than 90 investments. Headquartered in Boston, MA with an additional office in Luxembourg, the firm’s investment team brings extensive energy expertise, industry relationships, and specialized value creation capabilities to its portfolio. More information about ArcLight, as well as a complete list of ArcLight’s portfolio companies, can be found at http://arclightcapital.com.
SOURCE ArcLight Capital Partners, LLC