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Tenaska to buy out Gas Plant Stakes

Jan 5, 2022

Source: Inframation

Tenaska Energy, Inc. is seeking to buy out Diamond Generation Corporation’s (DGC) ownership interest in two natural gas-fired generation facilities in Alabama and Texas, filings with the Federal Energy Regulatory Commission (FERC) show.

Tenaska subsidiaries are seeking FERC approval to acquire DGC subsidiaries’ stakes in the Tenaska Lindsay Hill Generating Station and the Tenaska Gateway Facility, two 845 MW gas-fired plants located in Alabama and Texas respectively, for an undisclosed sum.

SparkSpread reported last May that the Gateway facility stakes were for sale via Whitehall & Company.

The transaction would give full ownership of the Autauga county, Alabama Lindsay Hill station to Tenaska, which currently holds a .65% general partnership interest and a 99% limited partnership in the facility through its subsidiaries.

DGC, which is owned by Mitsubishi Corporation, would transfer a .35% general partnership interest and a 35.34% limited partnership interest in the Lindsay Hill station to Tenaska-controlled Alabama, Inc. and Tenaska Lindsay Hill.

If approved, the transaction would also transfer a 0.278% general partnership interest and a 27.5% limited partnership interest in the Mount Enterprise, Texas Gateway facility to Tenaska VII Partners and Tenaska Gateway Investments, upping Tenaska subsidiaries’ stake in the facility to roughly 60%.

Subsidiaries of Japan-based Osaka Gas Co would continue to hold a 0.4% general partnership interest and a 39.6% limited partnership interest in the Gateway facility, according to the filing.

The Lindsay Hill facility operates in the Southern Company balancing authority area. Output from the facility is fully committed to Mercuria Energy America, Inc. through June 2027, under the terms of a 25-year power purchase agreement, according to the filing.

The Gateway facility operates in the Southwest Power Pool market. Output from the facility is fully committed to Shell Energy North America through January 2024, under the terms of a 22.5-year power purchase agreement.

Tenaska is seeking an expedited action and comment period for the transaction, and approval by 27 February.

The transaction does not raise horizontal market power concerns, since Tenaska is increasing its existing indirect stake in the facilities, the holding company argues in the filing.

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