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Southeast PowerGen unwinds leases for 2 Ga. gas-fired plants


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Southeast PowerGen unwinds leases for 2 Ga. gas-fired plants

Southeast PowerGen Holdings LLC has completed the acquisition of two gas-fired power plants in Georgia by terminating related leases with municipal authorities, approximately two years after the Federal Energy Regulatory Commission granted approval.

Southeast PowerGen is owned 75.05% by asset manager Carlyle Group LP and 24.95% by GE Energy Financial Services, a subsidiary of General Electric Co. Southeast PowerGen closed the acquisition of the 597-MW Effingham County plant and the 796-MW Washington County plant on June 22, according to an Oct. 3 notice of consummation with FERC.

Southeast PowerGen had been leasing the Effingham plant from the Effingham County Industrial Authority and the Washington plant from the Development Authority of Washington County.

FERC approved Southeast PowerGen's acquisition of the plants in September 2016.

In June, FERC approved an application for Gulf Pacific Power to acquire the Washington plant. The California Public Employees' Retirement System owns a 97.9% interest in Gulf Pacific, an investment fund managed by Harbert Management Corp. (FERC docket EC18-90)

The Washington plant sells its output to Southern Co. subsidiary Georgia Power Co. (FERC docket EC16-138)