Lakeside Energy agrees to acquire two combined-cycle power plants from WPS Empire State

OAK BROOK, Ill., Nov. 1, 2012 /PRNewswire/ — Lakeside Energy LLC, an owner and operator of power generation facilities in North America, has agreed to acquire two combined-cycle power plants from WPS Empire State, a subsidiary of Integrys Energy Services, Inc.

The plants are located in Solvay and Beaver Falls, New York and sell energy and capacity into the New York Market.  The Beaver Falls plant has a rated capacity of 95 MW and sells steam to two adjacent industrial customers.  The Solvay plant has a rated capacity of 109 MW.

“The acquisition of these facilities is consistent with our strategy of investing in assets where we can create value implementing operational and commercial improvements,” said Christopher Fanella, Executive Vice President of Lakeside Energy.  “We are excited about the strong local operating team.  These are the type of assets we want to continue to build our company around.”

Joel Jansen, Managing Director-Energy Assets for Integrys Energy Services, noted that this transaction is consistent with the company’s long-term strategy for its energy assets portfolio, which is to sell the traditional, central power plants and focus more on distributed, renewable energy projects. Selling these plants will have no impact on Integrys’ ability to serve New York retail electric customers.  “We would like to thank the dedicated staff and employees at these facilities.  We’re pleased the plants will be in good hands with an operator that has the capability to lead these plants well into the future.”

The transaction is subject to normal closing conditions and regulatory approvals.