AFFILIATE OF ARCLIGHT TO ACQUIRE LORDSTOWN ENERGY CENTER

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BOSTON, Feb. 20, 2024 /PRNewswire/ -- An affiliate of ArcLight Capital Partners, LLC (collectively, "ArcLight") today announced it has entered into a definitive purchase agreement to acquire 100 percent of the equity ownership interests in Clean Energy Future Lordstown, LLC ("Lordstown"). Lordstown owns and operates a highly efficient 940 MW combined cycle gas-fired power facility located in Warren, Ohio. Financial terms of the private transaction were not disclosed.

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Provider:

PR Newswire

Retrieved on:

Tuesday, February 20, 2024

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Tags:

EVP, Generation Alpha, Arclight, Growth, Plant, Carbon, Safety, Corporate development, PJM, Electricity, Latham & Watkins, LLP, Renewable energy

Geotags:

MASSACHUSETTS, OHIO, LORDSTOWN

⚠ partially generated by AI ↴

Organisation:

CLEAN ENERGY FUTURE LORDSTOWN, ARCLIGHT CAPITAL PARTNERS, CLEAN ENERGY FUTURE LORDSTOWN, LLC, ALPHAGEN, ARCLIGHT

Summary

Key Points:

BOSTON, Feb. 20, 2024 /PRNewswire/ -- An affiliate of ArcLight Capital Partners , LLC (collectively, "ArcLight") today announced it has entered into a definitive purchase agreement to acquire 100 percent of the equity ownership interests in Clean Energy Future Lordstown, LLC ("Lordstown").
Following the closing, ArcLight affiliate Alpha Generation, LLC ("AlphaGen") will manage Lordstown in conjunction with its incumbent fleet of flexible, fast-ramping power infrastructure.
"Highly efficient resources such as Lordstown are vital to the integration of renewable energy resources and ensuring the progression of the clean energy transition."
"ArcLight and AlphaGen are focused on positioning Lordstown to support and benefit from a sustainable, durable transition to a low-carbon future."

AFFILIATE OF ARCLIGHT TO ACQUIRE LORDSTOWN ENERGY CENTER

Highly Efficient 940 MW Low Carbon Power Infrastructure Asset Supporting the Energy Transition

AlphaGen to Manage Lordstown Following Closing

BOSTON, Feb. 20, 2024 /PRNewswire/ -- An affiliate of ArcLight Capital Partners, LLC (collectively, "ArcLight") today announced it has entered into a definitive purchase agreement to acquire 100 percent of the equity ownership interests in Clean Energy Future Lordstown, LLC ("Lordstown"). Lordstown owns and operates a highly efficient 940 MW combined cycle gas-fired power facility located in Warren, Ohio. Financial terms of the private transaction were not disclosed.

Following the closing, ArcLight affiliate Alpha Generation, LLC ("AlphaGen") will manage Lordstown in conjunction with its incumbent fleet of flexible, fast-ramping power infrastructure.

Commencing operations in October 2018, Lordstown is one of the newest and most efficient natural gas combined cycle power plants in the US, with access to advantaged gas supply. Lordstown operates as a baseload facility with a high-capacity factor, high levels of reliability, and a strong operational and safety track record – providing reliable and dispatchable energy supply to the PJM market, the largest competitive wholesale electricity market in the US.

"We expect Lordstown to play a critical role in providing reliable and affordable power to a tightening market experiencing significant demand growth driven by electrification and the proliferation of data centers," said Dan Revers, Managing Partner at ArcLight. "Highly efficient resources such as Lordstown are vital to the integration of renewable energy resources and ensuring the progression of the clean energy transition."

"ArcLight is excited to announce this strategic investment as part of our continued value-added strategy targeting electrification infrastructure, including renewables, battery storage, and low carbon power infrastructure," said Andrew Brannan, Managing Director at ArcLight. "ArcLight and AlphaGen are focused on positioning Lordstown to support and benefit from a sustainable, durable transition to a low-carbon future."

Following closing, AlphaGen will oversee the strategic, commercial, and operational activities of Lordstown.

"AlphaGen looks forward to including the high quality Lordstown facility in its managed portfolio of flexible gas-fired generation critical to an effective clean energy transition," said Mike Bruneau, EVP of Corporate Development and Strategy at AlphaGen. "With this addition, our footprint increases to nearly 14 GW of power infrastructure, further broadening our market exposure to a region experiencing high load growth. We are eager to continue our active participation in the ongoing PJM market transition."

The transaction is expected to close in 2024, subject to regulatory approvals.

Latham & Watkins LLP is serving as legal counsel to ArcLight.

About ArcLight
Founded in 2001, ArcLight is a leading middle-market, value added infrastructure investment firm with strategic partnerships and investments across the power, renewables, strategic gas, battery storage, and transformative infrastructure sectors. ArcLight has a long and proven track record of investing across the electrification infrastructure value chain to help support reliability, security, and sustainable infrastructure. ArcLight's team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm's ~1,900-person asset management partner. Since 2001, ArcLight's funds have invested in infrastructure and related business with nearly $70 billion of total capitalization. For more information, please visit www.arclight.com.

About AlphaGen
AlphaGen is a strategic partnership formed and owned by an affiliate of ArcLight to own and operate critical power infrastructure to help provide reliable, secure, safe, and sustainable sources of power and meet the growing infrastructure needs created by electrification. AlphaGen is led by a deeply experienced senior management team with a proven track record of strategic, operational, and commercial expertise to help create value and manage risk. AlphaGen manages over 13,000 megawatts of power infrastructure across four RTO markets (PJM, NYISO, ISONE, and CAISO), and oversees Eastern Generation, Generation Bridge, and Parkway Generation, amongst other ArcLight investments. For more information, please visit www.alphagen.com.

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SOURCE ArcLight Capital Partners