QUANTUM UTILITY GENERATION ACQUIRES NEVADA COGENERATION ASSOCIATES #2
Houston, TX – July 2014
Quantum Utility Generation, LLC (“QUG”) completed the acquisition of Nevada Cogeneration Associates #2 (“NCA #2”), an 85 megawatt natural gas-fired cogeneration project located in Las Vegas, Nevada from affiliates of Chevron Global Power and Dynegy. NCA#2 operates under a long-term power sales agreement with Nevada Power Company and a long-term heat and services agreement with PABCO.
“The acquisition of NCA #2 is consistent with our business model of acquiring and developing efficient contracted generation assets in which we have identified potential savings and value for our utility customers as well as opportunities for value accretion for our organization. We look forward to working with the plant’s customers and stakeholders to optimize the asset’s value for all parties”, said Larry Kellerman, CEO of QUG.
About Quantum Utility Generation:
Quantum Utility Generation, LLC is an operating company based in Houston, Texas that was established to invest in the North American power generation space, and is co-funded by Quantum Energy Partners, a private equity fund with more than $6.5 billion in commitments, the Canada Pension Plan Investment Board, which manages $170 billion on behalf of the Canada Pension Plan, and QUG’s management. QUG’s approach to investments and operations capitalizes on the deep industry experience of our team to provide investor-owned and public power customers with a unique set of physical, financial and commercial options through structured transactions involving our portfolio of assets. QUG’s current portfolio interests include the Quantum Choctaw Power project, a 760 MW combined cycle generation facility in Mississippi; the Hopewell and Portsmouth projects, two 120 MW scrubbed coal-fired plants in Virginia; three combined cycle natural gas-fired generation and cogeneration projects in Florida totaling approximately 400 MW; and advanced stage, contracted development projects involving wind generation.
For more information, please see our website at www.quantumug.com.