Starwood Energy Group Global LLC said Feb. 9 that one of its affiliates has completed the purchase of the Quail Run Energy Center natural gas-fired combined cycle facility in Odessa, Texas.
Starwood Energy assumed ownership and began operating the power plant in January. The facility began commercial operations in 2007 and has a nominal capacity of 550 MW. It provides electric power to the Electric Reliability Council of Texas (ERCOT) system. This is the ninth natural gas-fired generating facility built or acquired by affiliates of Starwood Energy since 2006. ERCOT represents the seventh electric power market in North America in which Starwood Energy has owned natural gas-fired, biomass, wind, and solar power generating facilities.
“We are pleased to have acquired Quail Run at an attractive value. Quail Run is a well maintained and efficient facility in a growing market and we look forward to further optimizing the facility through a combination of new short and long-term power offtake agreements,” said Himanshu Saxena, Managing Director of Starwood Energy Group.
Starwood Energy Group Global had announced in September 2014 that an affiliate had entered into an agreement with affiliates of Exelon Corp. (NYSE: EXC) to acquire this power plant.
Quail Run Energy Partners LP, controlled by Starwood, on Feb. 9 filed with the Texas Public Utility Commission a notice of change in ownership for this facility. A contact listed in that filing is: Rob Watson, Asset Manager, PurEnergy LLC, 4488 Onondaga Blvd., Syracuse, NY 13219, firstname.lastname@example.org, Phone 903-801-0054, Fax 315-448-0264.
Starwood Energy Group is a private investment firm based in Greenwich, Conn., that specializes in energy infrastructure investments. Through its general opportunity funds Starwood Energy Infrastructure Fund I and II, and other affiliated investment vehicles, Starwood Energy Group manages total equity commitments in excess of $2bn and has executed transactions totaling more than $4bn in enterprise value. Starwood Energy Group is an affiliate of Starwood Capital Group Global LP.