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FERC clears New MACH Gen's sale of Ariz. gas-fired plant

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FERC clears New MACH Gen's sale of Ariz. gas-fired plant

The Federal Energy Regulatory Commission cleared Talen Energy Corp.-owned New MACH Gen LLC's proposal to sell New Harquahala Generating Co. LLC. (FERC docket EC18-99)

New Harquahala Generating is the operating entity for the 1,018-MW, natural gas-fired, combined-cycle Harquahala plant in Maricopa County, Ariz.

New MACH Gen will sell the equity interests to Beal Bank USA or its designee in exchange for a $150 million loan reduction under an existing credit facility as part of the former's bankruptcy reorganization.

FERC approved the sale July 27, days after the bankruptcy court approved the prepackaged Chapter 11 restructuring plan for New MACH Gen.

Private equity firm Riverstone Holdings LLC indirectly holds controlling interests in Talen.