LS Power Closes Deal For Griffith Energy Facility
NEW YORK (June 30, 2006) LS Power Group ("LS Power") today completed the acquisition of the Griffith Energy Facility ("Griffith"), a 600 megawatt, gas-fired, combined-cycle power plant in Mohave County, Arizona.
On May 4, LS Power purchased its initial 50 percent interest in Griffith from Duke Energy North America, along with eight other merchant power plants in four states for approximately $1.7 billion. Today, LS Power closed on its acquisition of the remaining 50 percent of Griffith from PPL Corporation for approximately $115 million (subject to certain adjustments).
"Our strategy is to continue to grow our generation company through acquisitions such as this, as well as the modernization of existing plants and the development of new facilities," said Mike Segal, chairman and CEO of LS Power.
The purchase brings the generating capacity of LS Power's operating projects to approximately 8,300 megawatts. That includes 1,170 megawatts of capacity at two plants in Arizona the Griffith facility and a 570 megawatt combined-cycle plant in Arlington Valley. The portfolio also includes 4,400 megawatts of capacity at five California plants. LS Power's other power generation assets are located in Connecticut, Maine, Illinois and Pennsylvania.
LS Power is also in the process of developing several power generation facilities. In March 2006, the company completed financing and began construction on a 665 megawatt plant in Osceola, Arkansas. Four additional coal projects and one wind project with a combined capacity of approximately 4,500 megawatts are in various stages of development in Nevada, Texas, Georgia and Iowa.
LS Power was founded in 1990 and is a fully integrated development, investment and asset management group of companies focused on the power industry. LS Power maintains offices in New Jersey, New York, Missouri, California, Florida and Massachusetts.
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