Effingham is a 511MW operating naturalgas-fired combined-cycle generating and transmission facility located in Rincon, Georgia
Effingham facility features two GE combustion turbines. (Credit: MonikaP from Pixabay)
US electric utility Oglethorpe Power has agreed to acquire Effingham County Power from Southeast PowerGen for an undisclosed amount.
Effingham is a 511MW operating combined-cycle generating and transmission facility located in the city of Rincon, in Georgia, US.
The facility features two GE combustion turbines and one steam turbine, and had entered into commercial operations in August 2003.
Effingham is a critical baseload asset and one of the most effective natural gas-fired generating facilities in Georgia, said the company.
Oglethorpe Power executive vice president and chief financial officer Elizabeth Higgins said: “This acquisition of an existing, low-cost and proven facility in Georgia is a good strategic fit for our power supply portfolio.
“This facility will help meet a group of our Members’ power supply needs as the industry continues to transition and rely more heavily on natural gas and renewables.”
Closing of the transaction is expected in the second quarter of 2021, subject to Oglethorpe board and member approvals, along with other customary conditions.
Effingham becomes the fifth gas-fired generation facility Oglethorpe has acquired in Georgia in the past 12 years, and makes its total capacity reach around 3GW.
Established in 1974, Oglethorpe Power is large-scale power supplier with more than $13bn in assets, providing electricity to nearly 4.2 million residents through 38 Electric Membership Corporations.
The company claimed that it balances reliable and affordable energy with environmental responsibility and has an outstanding record of regulatory compliance.
Its diverse energy portfolio includes natural gas, hydroelectric, coal and nuclear generating plants with a combined capacity of approximately 7,900MW.
Southeast PowerGen is an affiliate of the Carlyle group, an investment firm that deploys private capital across private equity, global credit and investment solutions.