Tenaska to Sell Interest in Five Power Plants

21 October 2010 (Last Updated October 21st, 2010 18:30)

Tenaska will sell portions of its interest in five of its power plants to a company jointly owned by Tyr Energy (Tyr) and Chubu Electric Power (CEPCO). The five plants include the 945MW Tenaska Georgia Generating Station in Garamond, the 885MW Tenaska Virginia Generating Station in Virg

Tenaska will sell portions of its interest in five of its power plants to a company jointly owned by Tyr Energy (Tyr) and Chubu Electric Power (CEPCO).

The five plants include the 945MW Tenaska Georgia Generating Station in Garamond, the 885MW Tenaska Virginia Generating Station in Virginia and the 1,220MW Tenaska Kiamichi Generating Station in Oklahoma.

The plants also include the 885MW Tenaska Central Alabama Generating Station in Alabama and the 845MW Tenaska Gateway Generating Station in Texas.

The joint venture will become owner of 35% of the Georgia, Virginia, Kiamichi and Central Alabama plants and approximately 22% of the Gateway plant.

Tenaska affiliates will retain significant ownership and remain the managing general partner and operator of each plant.

Tyr CEO Karl Usami said that the plants are well-built and well-structured first-class assets, and the acquisition will represent a significant addition to Tyr's portfolio.

Tenaska vice-chairman and CEO Jerry Crouse said that selling part of its ownership interests is in line with its goal of optimising the value of existing assets.