DTE Energy Services, ArcLight Capital Partners sell two power plants to Tenaska Capital Management affiliates - 08/09/07
CRETE, Ill. – DTE Energy Services Inc. and ArcLight Capital Partners LLC have signed agreements to sell their interests in 984 megawatts of power generation facilities near Chicago to affiliates of Tenaska Capital Management LLC.
The transaction includes the 328-megawatt Crete Energy Venture facility and the 656-megawatt Lincoln Generating Facility. Crete and Lincoln are natural gas-fired facilities. The transaction is expected to close in early October.
The Crete facility reached commercial operation in May 2002 and is operated by DTE Crete Operations, a subsidiary of DTE Energy Services. The Lincoln facility began commercial operation in June 2000.
Lehman Brothers Inc. served as the advisor to the sellers.
DTE Energy Services, headquartered in Ann Arbor, Mich., acquires, develops, owns, builds and operates projects for large, energy-intensive industrial customers. The company is a subsidiary of DTE Energy (NYSE:DTE), a diversified energy company involved in the development and management of energy-related businesses and services nationwide. Information about DTE Energy Services is available at www.dtees.com.
ArcLight’s investment team has extensive energy investing experience, industry relationships and asset-level knowledge. Founded in 2001, ArcLight is headquartered in Boston, with an office in New York City. ArcLight has more than 27 investment professionals and is led by its founders, Daniel R. Revers and Robb E. Turner. ArcLight is one of the world's leading energy investment firms with more than $6.8 billion under management. More information about ArcLight can be found at www.arclightcapital.com.
Tenaska Capital Management LLC is an affiliate of Tenaska Energy Inc., which is one of the largest independent power producers in the United States. More information about Tenaska is available at www.tenaska.com.
For further information, members of the media may contact:
Scott Simons
DTE Energy
(313) 235-8808
Heidi Milne
ArcLight Capital Partners
(617) 531-6304
Jana Martin
Tenaska
(402) 691-9595