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FERC clears Macquarie Infrastructure's sale of minority stake in Ohio gas plant

The Federal Energy Regulatory Commission on Dec. 12 authorized a Macquarie Infrastructure Partners Inc.-managed fund to sell indirect minority equity ownership in the Lordstown Generating Station in Trumbull County, Ohio, to Perennial Lordstown LLC or its affiliates.

Perennial, a subsidiary of Sumitomo Corp. of Americas, is also searching for additional investors to participate in the transaction. The additional investor can participate by acquiring a minority interest in Perennial, which will then purchase additional equity interests in the power plant.

Lordstown Energy Center is a combined-cycle, natural gas-fired power plant that recently started operating with a nameplate capacity of 940 MW. According to the companies' application to FERC, the project's summer rating was 856 MW.

Macquarie Infrastructure Partners currently owns 73% of the plant, while Siemens AG subsidiary Siemens Financial Services Inc. holds the remaining 27%, according to S&P Global Market Intelligence.

Macquarie Infrastructure Partners is a subsidiary of Macquarie Group Ltd., and Sumitomo Corp. of Americas is a subsidiary of Sumitomo Corp. (FERC docket EC19-10)