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03/02/2008
Tenaska Power Fund Completes Sale of Commonwealth Chesapeake
Power Station to Tyr Energy
OMAHA, Nebraska - Sale of the Commonwealth
Chesapeake Power Station in New Church, VA., by Tenaska
Power Fund, L.P. (TPF) of Omaha, Neb., to Tyr Energy, Inc.
(Tyr Energy) of Overland Park, Kan., has been completed.
Financial
close occurred on February 13th, 2008. The announcement
was made jointly by Paul Smith, Senior Managing Director
of Tenaska Capital Management, LLC, manager of TPF, and
Karl Usami, President and CEO of Tyr Energy.
J.P.
Morgan Securities Inc. served as advisor to TPF and Fieldstone
Private Capital Group served as advisor to Tyr Energy on
the transaction. The purchase price was not disclosed.
Commonwealth
Chesapeake Power Station delivers energy to the PJM regional
power reliability grid serving large areas in the East,
Northeast and Midwest. The plant includes seven simple-cycle,
oil-fueled turbine electric generator sets able to produce
315 megawatts of electricity - enough to meet the energy
needs of approximately 300,000 households. Also, the facility
provides "spinning reserve" capacity from four
of its turbines, contributing to the reliability of the
regional grid.
The
plant was built on a 126-acre tract on the Delmarva Peninsula
in two phases, the first in 2000 and second in 2001. It
has been operated by a staff of 13 full-time employees of
TPF Operations, Inc., and affiliate of Tenaska Energy, Inc.
All employees were offered full-time positions with North
American Energy Services Company (NAES), an affiliate of
Tyr Energy, which will operate the plant going forward.
About
Tenaska Power Fund
Tenaska
Power Fund (TPF) is a private equity limited partnership
which was formed by the owners of Tenaska to pursue opportunities
for investment in the energy sector. TPF is owned outside
of Tenaska's holding company structure. Tenaska Caoital
Management, LLC (Tenaska Capital), a Tenaska affiliate,
provides management services to TPF using Tenaska employees'
experience and skills to evaluate acquisition opportunities
- analyzing the value of assets, operating efficiencies,
market opportunities, and fuel agreements that can be optimized
to increase value. Since closing in 2005, TPF has acquired
a diverse group of assets that include power generating
plants; national providers of transmission and pipline construction
and maintenance services; and natural gas storage facilities.
About
Tyr Energy
Tyr
Energy, which was formed in 2002 to provide comprehensive
management services to financial owners of distressed power
assets, is owned by ITOCHU Corporation, an international
trading conglomerate and its U.S. based subsidiary, ITOCHU
International Inc. Tyr Energy focuses on owning equity interests
in North American Independent power assets and providing
asset management services to facilities in which it is an
owner. Worldwide, ITOCHU owns interests in independent power
facilities in Saudi Arabia, Indonesia and Japan in addition
to the United States.
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