Independent power producer Tenaska has announced that its repurchase of the interests in Tenaska Marketing Ventures, Tenaska Gas Storage and Tenaska Marketing Canada, formerly owned by affiliates of the American International Group, has been completed.
According to the comppany, iIn 2007, American International Group’s (AIG’s) affiliates had acquired a 50% interest in TMV, previously wholly owned by Tenaska.
The company serves as the managing partner of Tenaska Marketing Ventures, Tenaska Gas Storage and Tenaska Marketing Canada, collectively known as TMV. Tenaska’s five-year $1 billion revolving line of credit supports TMV’s operations.
Affiliates of AIG agreed in November 2008 to sell their interest in TMV back to Tenaska. The repurchase transaction results in Tenaska’s employee-owners again owning 100% of TMV. The terms of the transaction have not been disclosed.
Recently, Hoosier Energy and Wabash Valley Power, Indiana-based electric cooperative power suppliers, said that it has completed the purchase of a 627-megawatt combined cycle power plant near Beecher City, Illinois, from Tenaska Power Fund, L.P.
Tenaska Marketing Ventures, Tenaska Marketing Ventures Canada, and Tenaska Gas Storage (collectively TMV) are affiliates of Omaha-based Tenaska, one of the independent power producers in the U.S. Founded in 1991, TMV is regarded as a natural gas marketer in North America, and provides natural gas commodity, volume management, hedging and asset management products and services.