ArcLight Capital, GE Energy Financial Services and the Government of Singapore Investment Corporation (GIC) have agreed to become partners in five natural gas-fired power plants in Georgia.
The power plants, which have a total generating capacity of about 2,500MW, comprise a combined-cycle facility and four single-cycle peaking facilities.
The companies claim that the facilities, when taken together, make up the largest fully independent power producer in the southeastern US.
GE and GIC will each acquire 24.95% of the portfolio from an affiliate of ArcLight, which is now the sole owner of the plants, and an affiliate of ArcLight will retain 50.1% interest.
The closing of the transaction remains subject to approval by the Federal Energy Regulatory Commission and Committee on Foreign Investment in the US.