Tenaska Capital Management has agreed to sell Caledonia Energy Partners, owner of a multi-cycle gas storage facility in
Tenaska Capital Management, LLC (Tenaska Capital), manager of the Tenaska Power Fund, L.P. (TPF), announced today that TPF and the other owners have agreed to sell Caledonia Energy Partners, L.L.C. (CEP), owner of the Caledonia Gas Storage Field, a high-deliverability, multi-cycle gas storage facility in Northeast Mississippi.
The purchaser is ENSTOR, Inc., the Houston-based natural gas storage unit of Spanish-listed IBERDROLA RENEWABLES, part of the Spanish utility
TPF, a private equity limited partnership, has been joint owner of CEP since 2006. A portion of CEP also is owned by the original sponsors of the project along with certain individuals who have been involved in the development and operation of the facility throughout its history. Pacesetter Energy, Inc., a Flower Mound, Texas-based integrated energy company, led the design, engineering and operations of the Caledonia Gas Storage Field.
The facility is fully subscribed on firm storage through March 2010, and is strategically interconnected with Tennessee Gas Pipeline in
“TPF and its partners in CEP have taken what was a depleted natural gas reservoir in 2006 and converted it into one of the most modern and efficient gas storage facilities in the
Matt Morrow, ENSTOR president and a senior vice president at IBERDROLA RENEWABLES, Inc., said the
About Tenaska Power Fund, L.P.
Tenaska Power Fund, L.P. (TPF) is a stand-alone private equity partnership of institutional investors. TPF invests in a diverse group of energy and power companies and assets in the
Caledonia Energy Partners, L.L.C. (CEP) is a privately-held company based in
About Pacesetter Energy, Inc.
Pacesetter Energy, Inc. (Pacesetter) is involved in the design, development and operations of midstream energy assets, oil field services and oil and gas exploration. Pacesetter was established in 1993 by Bob Millard. Its principals and managers have extensive experience in all aspects of the oil and gas industry.
About ENSTOR, Inc.
ENSTOR, Inc., a subsidiary of IBERDROLA RENEWABLES, through its subsidiaries manages operations and the development of IBERDROLA RENEWABLES's owned natural gas storage business. ENSTOR provides operational flexibility and reliability of supply that its natural gas and cogeneration customers increasingly demand throughout
About IBERDROLA RENEWABLES
IBERDROLA RENEWABLES engages in the development, construction and operation of power plants that use renewable energy sources, as well as the sale of the electric energy that they produce. The company's business activity is currently centered on wind energy and on small hydroelectric power stations, as well as solar photovoltaic energy. In addition, it has started to develop other technologies such as thermal solar energy and the energy coming from biomass and from tides. IBERDROLA RENEWABLES is supported by