Portsmouth Genco LLC and Virginia Renewable Power–Portsmouth LLC applied Feb. 12 with the Federal Energy Regulatory Commission for the sale of a deactivated coal-fired power plant in Virginia to Virginia Renewable Power-Portsmouth.
They asked for the transfer of 100% of the direct membership interests in Portsmouth Genco from Portsmouth Genco Holdings LLC to Virginia Renewable Power-Portsmouth, which is a wholly-owned direct subsidiary of Georgia Renewable Power LLC (GRP).
Due to “financial considerations,” the parties asked for a quick review and a FERC decision on this application by March 14.
Portsmouth Genco owns and operated a 114.8-MW (nameplate) facility located in Portsmouth, Virginia. It is interconnected to the transmission system owned by Dominion Virginia Power and operated by PJM Interconnection. The facility is located in the AP South submarket of the PJM balancing authority area (BAA). The facility currently is deactivated.
While the Feb. 12 filing doesn’t show this plant as fired by coal, past filings related to the plant show that fact. FERC in April 2015 granted a waiver to Portsmouth Genco related to the planned shutdown that summer of its coal-fired Lake Kingman power plant.
Portsmouth Genco Holdings is an indirect subsidiary of Cogentrix Virginia Financing Holding Co. LLC, which is directly owned by Cogentrix Power Asset Holdings LLC (CPAH) (50%) and Quantum Virginia Power LLC (Quantum) (50%). CPAH is indirectly owned by investment fund vehicles sponsored and managed by The Carlyle Group LP. Quantum is managed by Quantum Utility Generation LLC.
The buyer was formed in late 2015 for the sole purpose of acquiring the membership interests of Portsmouth Genco. Buyer is a wholly-owned direct subsidiary of GRP, which currently owns only various qualifying facilities (QFs). GRP owns:
- GRP North Carolina LLC, which owns a 95% interest in North Carolina Renewable Power–Lumberton LLC, which is a QF located in North Carolina. The company noted that GRP North Carolina also owns North Carolina Renewable Power–Elizabethtown LLC, which owns limited interconnection facilities which previously interconnected a coal generation facility that has been decommissioned;
- GRP Franklin LLC, which will be a QF located in Georgia; and
- GRP Madison LLC, which will also be a QF located in Georgia.
Both GRP Franklin and GRP Madison are currently under development in Georgia. GRP is 70% directly owned by Green Fuels Energy LLC and 30% owned by a private individual investor. Green Fuels Energy invests in both U.S. and international energy and non-energy related projects.
A buyer contact is: Dan Sherman, General Counsel, Virginia Renewable Power–Portsmouth LLC, 2100 South Bridge Pkwy, Suite 530, Birmingham, AL 35209, Tel: (404) 881-5425, firstname.lastname@example.org.