ECTOR COUNTY (April 12, 2022) Ector County Energy Center LLC (ECEC) today announced the next step in its plan to sell the 330-megawatt Ector County Energy Center natural gas-fired generation facility. The sale is anticipated to occur in accordance with section 363 of the United States Bankruptcy Code through a chapter 11 voluntary petition filed in the United States Bankruptcy Court for the District of Delaware. ECEC believes this process will maximize value for all stakeholders.
The extreme weather and subsequent market disruption caused by Winter Storm Uri in February of 2021 resulted in a series of challenges to ECEC. Additionally, a strong market appetite for similar power assets has emerged. Investment banking firm, Perella Weinberg Partners LP, together with its energy merchant and investment banking division, Tudor, Pickering, Holt & Co., conducted a marketing process for the sale of ECEC’s assets. The process yielded significant interest and resulted in the execution of a stalking horse purchase and sale agreement for ECEC’s assets.
The sale of ECEC’s assets is expected to be complete by mid-summer 2022. Day-to-day operations at the facility will not be affected by the petition filing. ECEC is operating normally and delivering energy to ERCOT. Invenergy Thermal Services continues to operate and maintain the facility.
ECEC is a stand-alone facility that is owned by Invenergy Thermal Operating I LLC (ITOI), which owns other natural gas fired generation facilities. The filing will not impact other ITOI projects, or the debt held by ITOI.
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We are innovators building a sustainable world. Invenergy and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy’s home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland and Scotland. Invenergy has successfully developed more than 30,000 megawatts of projects that are in operation, construction or contracted, including wind, solar power generation facilities as well as transmission and advanced energy storage projects. For more information, please visit www.invenergy.com.