Tenaska Capital Management has agreed to acquire the owner of the Covert Generating Plant located near South Haven, Michigan. No financial terms were disclosed.
A company managed by Tenaska Capital Management, LLC (Tenaska Capital) has entered into an agreement with MACH Gen, LLC to acquire New Covert Generating Company, LLC, the owner of the Covert Generating Plant located near South Haven, Michigan.
The Covert facility is a 1,100-megawatt, 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 this year.
“The Covert facility uses the most efficient combustion turbine technology available in today’s market,” said Dan Lonergan, a Tenaska Capital senior managing director. “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.”
About Tenaska Capital Management, LLC
Tenaska Capital Management, LLC (TCM) is an affiliate of Tenaska Energy, Inc. (Tenaska), which is one of the largest independent power producers in the United States. TCM was formed to use Tenaska’s proven operating, technical, marketing and finance expertise to provide management services to standalone private equity funds of institutional investors in acquiring energy and power companies and assets in the United States. Total assets under TCM’s management exceed $3 billion. To learn more about Tenaska, visit the company’s Web site at http://www.tenaska.com
About MACH Gen, LLC
MACH Gen, LLC, an independent power generating company, was formed in 2003 to own, manage and complete construction of four generating plants being developed by Pacific Gas & Electric’s National Energy Group. The company is engaged in selling energy, capacity and ancillary services in the wholesale electric markets of the N