A subsidiary of Gulf Pacific Power on June 15 received the approval of the Federal Energy Regulatory Commission to acquire the 745.2-MW Washington County simple-cycle, natural gas-fired facility in Georgia.
According to a May 1 application to FERC, the Washington County plant is owned by the Development Authority of Washington County, Ga., and leased by Washington County Power LLC, a wholly owned direct subsidiary of Mackinaw Power LLC, which in turn is indirectly owned 75.05% by investment fund vehicles managed or advised by Carlyle Group LP or its affiliates and 24.95% by General Electric Co.
Prior to the consummation of the transaction, the lease will be terminated. The Washington County plant was one of six gas-fired power plants in Georgia that Carlyle acquired in 2014. It began operating in 2003.
A portion of the output of the Washington County facility is sold to Central Georgia Electric Membership Corp. and Snapping Shoals Electric Membership Corp. under long-term firm tolling agreements through 2040. Another portion of the facility's output is being sold to Southern Co. unit Georgia Power Co. through May 31, 2024.
The California Public Employees' Retirement System owns a 97.9% interest in Gulf Pacific, an investment fund managed by an entity of Harbert Management Corp. (FERC docket EC18-90)