CHICAGO -- June 8 2009 – Invenergy Thermal LLC has completed the sale of a minority interest in Invenergy Thermal Financing LLC (“ITF”), which owns three natural gas-fired power plants in the United States, to an affiliate of the Marubeni Corporation (“Marubeni”). Invenergy Thermal LLC will remain as majority owner of ITF and will continue operations and management of the plants. All three power projects held by ITF have longterm offtake contracts with investment grade utilities and cooperatives. Other terms of the transaction were not disclosed.
“We are pleased with Marubeni’s investment in this power project portfolio,” said Michael Polsky, Invenergy’s President and CEO. “We share a preference for long-term contracted power assets and we believe that this portfolio will generate significant value for both firms.”
The power projects owned by ITF include:
1. Hardee Power Plant, a 370MW combined-cycle/peaking plant in Florida;
2. Spindle Hill Power Plant, a 314MW peaking plant in Colorado;
3. Cannon Falls Power Plant, a 357MW peaking plant in Minnesota.
About Invenergy Thermal LLC
Invenergy Thermal LLC and its affiliates (“Invenergy”) develop, acquire, own and operate large-scale power generation projects in the United States, Canada and parts of Europe. Invenergy favors clean energy generation technologies, with particular focus on wind, natural gas-fired and solar generation assets. It has approximately 2,000MW of wind projects and 2,800MW of natural gas-fired facilities in operation and under construction.
About Marubeni Corporation
Marubeni Corporation was founded in 1858 and incorporated in 1949 with its principal office located in Tokyo, Japan. It manages businesses across a wide range of industrial sectors throughout the world and is a publicly traded company quoted on three stock exchanges in Japan: Tokyo, Osaka, and Nagoya.
Marubeni first established its power industry presence through the EPC business, with more than 74,00MW supplied/constructed all over the world in various fuel and technology types. Marubeni expanded its business into the IPP arena in early 1990s and now owns approximately 7,483MW of net generating capacity (24,541MW gross capacity). Marubeni manages its electricity sector investments in the North American electricity market through Marubeni Power International, Inc., based in New York, NY.
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Contact
Susan Dennison
312.582.1423