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Macquarie Infrastructure seeking to sell minority stake in Ohio gas plant

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Macquarie Infrastructure seeking to sell minority stake in Ohio gas plant

A Macquarie Infrastructure Partners Inc.-managed fund is seeking to sell indirect minority equity ownership in the newly operational Lordstown Generating Station 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. The parties are asking the Federal Energy Regulatory Commission to approve the transaction no later than Nov. 26, according to an Oct. 11 application.

Lordstown Energy Center is a combined-cycle, natural gas-fired power plant that recently started operating in Trumbull County, Ohio. Its nameplate capacity is 940 MW. In the application to FERC, its summer rating was stated as 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. (FERC docket EC19-10)

Macquarie Infrastructure Partners is a subsidiary of Macquarie Group Ltd., and Sumitomo Corp. of Americas is a subsidiary of Sumitomo Corp.