Public Service Enterprise Group Inc. completed the sale of its indirect interests in the coal-fired 1,711.2-MW (summer rating) Keystone and 1,711.2-MW (summer rating) Conemaugh power plants in Pennsylvania.
The buyers, Chief Conemaugh II LLC and Chief Keystone II LLC, are ArcLight Capital Partners LLC affiliates. They will assume related liabilities as part of the deal. PSEG sold the facilities for less than their current book value.
The deal closed Sept. 30, according to an Oct. 2 filing with the Federal Energy Regulatory Commission.
ArcLight Capital Partners already owned a 44.5% stake in Keystone and 35.11% in Conemaugh, according to S&P Global Market Intelligence data. With the acquisition of the shares previously held by PSEG Fossil LLC, it adds a 22.84% interest, or 391 MW, in the Keystone plant, and a 22.51% interest, or 385 MW, in the Conemaugh plant.
PSEG took an after-tax impairment charge of $284 million against its net income in the second quarter related to the sale. (FERC docket EC19-106)
