LS Power Equity Advisors said May 16 that through a private fund it manages, it has closed on the sale of its 100% ownership interest in the 747-MW Calhoun Energy Center to East Alabama Generating LLC, a subsidiary of Harbert Power Fund V LLC.
LS Power Equity Advisors said in the brief statement that it originally acquired the project from a subsidiary of NextEra Energy Resources in 2011 along with three other assets.
The Federal Energy Regulatory Commission on May 6 had approved a March 29 application from Calhoun Power Co. LLC requesting authorization for this deal for a dual fuel, simple cycle generation facility. The Calhoun Facility is interconnected to the transmission system of the Southern Co. (NYSE: SO) and is situated within the Southern balancing authority area (Southern BAA).
Calhoun Power said that output from the Calhoun Facility is committed to an unaffiliated entity under a long-term off-take agreement that is structured as a tolling agreement.
LS Power is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States. Since inception, LS Power has developed, constructed, managed or acquired more than 30,000 MW of competitive power generation and 500 miles of transmission infrastructure, for which it has raised over $30 billion in debt and equity financing.