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FERC allows Osaka Gas to acquire stake in 751-MW Conn. gas plant

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FERC allows Osaka Gas to acquire stake in 751-MW Conn. gas plant

The Federal Energy Regulatory Commission approved Osaka Gas USA Corp.'s acquisition of a stake in the 751-MW CPV Towantic combined-cycle power plant in Oxford, Conn.

The plant is 51%-owned by CPV Towantic Holding Co. LLC, a subsidiary of Global Infrastructure Management Participation LLC. Towantic Energy Holdings owns the remaining 49%. The upstream owners of Towantic Energy Holdings are Aircraft Services Corp. with 50.01%, ULLICO Inc. with 27.96% and UBS Group AG with 22.03%.

In the first part of the transaction, CPV Towantic Holding will sell a direct 25% equity stake in the plant to an Osaka Gas Co. Ltd. subsidiary. After the transaction is complete, CPV Towantic Holding will own 26% of the facility.

Under the second part, Osaka Gas USA will purchase a 50.01% interest in Towantic Energy Holdings from General Electric Co. subsidiary Aircraft Services. After the transactions are complete, Osaka Gas USA will own more than 10% of the equity interests in CPV Towantic, according to the filing. (FERC docket EC19-16)