Lakeside Energy Agrees to Acquire Two Combined-Cycle Power Plants from WPS Empire State
OAK BROOK, Ill., Nov. 1, 2012 /PRNewswire/ -- Lakeside Energy LLC, an owner and operator of power generation facilities in North America, has agreed to acquire two combined-cycle power plants from WPS Empire State, a subsidiary of Integrys Energy Services, Inc. The plants are located in Solvay and Beaver Falls, New York and sell energy and capacity into the New York Market. The Beaver Falls plant has a rated capacity of 95 MW and sells steam to two adjacent industrial customers. The Solvay plant has a rated capacity of 109 MW.
"The acquisition of these facilities is consistent with our strategy of investing in assets where we can create value implementing operational and commercial improvements," said Christopher Fanella, Executive Vice President of Lakeside Energy. "We are excited about the strong local operating team. These are the type of assets we want to continue to build our company around."
Joel Jansen, Managing Director-Energy Assets for Integrys Energy Services, noted that this transaction is consistent with the company's long-term strategy for its energy assets portfolio, which is to sell the traditional, central power plants and focus more on distributed, renewable energy projects. Selling these plants will have no impact on Integrys' ability to serve New York retail electric customers. "We would like to thank the dedicated staff and employees at these facilities. We're pleased the plants will be in good hands with an operator that has the capability to lead these plants well into the future."
The transaction is subject to normal closing conditions and regulatory approvals.
About Lakeside Energy LLC
Lakeside acquires, owns and operates power generation facilities in North America. Headquartered in Oak Brook, Illinois, the company is backed by American Securities, a New York-based private equity firm. Lakeside looks for facilities with predictable cash flows, reasonable risk on fuel costs, and growth and improvement opportunities. Its business model is to create additional value in companies and assets through the implementation of operational and commercial improvements. More information on Lakeside Energy LLC can be found at www.lakesideenergy.com.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $500 million to $2 billion. American Securities has over $8 billion under management and is currently investing from its sixth fund. The firm traces its roots to a family office founded in 1947 to invest and manage a share of the fortune created from the growth of Sears, Roebuck & Co in the early 1900s. More information about American Securities can be found at www.american-securities.com.
About Integrys Energy Services, Inc.
Established in 1994, Integrys Energy Services, Inc. provides competitive energy supply solutions, structured products, and strategies that allow retail residential, commercial, and industrial customers to manage their energy needs. Its principal energy marketing operations are in the northeastern quadrant of the United States. Through its subsidiary, Integrys Energy Services – Natural Gas LLC, Integrys offers natural gas products to a full range of end-users throughout the Midwest. Areas of generation expertise include cogeneration, distributed generation, and renewables such as solar and landfill gas. Integrys Energy Services, Inc. is a subsidiary of Integrys Energy Group (NYSE: TEG). More information about Integrys Energy Services is available online at www.integrysenergy.com.
SOURCE Lakeside Energy LLC