Oglethorpe Power Corporation announced today that it has reached agreement with Dynegy Inc. to acquire that company's Heard County Power Generation Facility and associated purchase power off-take contract for $105 million.
This natural gas-fired peaking facility is located in Heard County, Georgia and has a generating capacity of approximately 500 megawatts. It has been serving the needs of several of Oglethorpe Power's member cooperatives since 2003 through a purchase power contract that terminates in 2015. In 2016, the facility will be available to meet the needs of a broader group of Oglethorpe's member cooperatives.
"This is a unique opportunity to acquire an asset already operating in Georgia that fits very nicely into Oglethorpe's power supply portfolio," said Elizabeth B. Higgins, Executive Vice President and Chief Financial Officer of Oglethorpe Power Corporation. The sale of the facility is subject to various approvals and is expected to close in the second quarter 2009.
Oglethorpe Power Corporation (OPC) is the nation's largest power supply cooperative with approximately $5 billion in assets serving 38 Electric Membership Corporations which, collectively, provide electricity to 4.1 million Georgia citizens. A proponent of conscientious energy development and use, Oglethorpe Power balances reliable and affordable energy with environmental responsibility and has an outstanding record of regulatory compliance. Its diverse energy portfolio includes natural gas, hydroelectric, coal and nuclear generating plants with a combined capacity of approximately 4,700 megawatts (MW), as well as purchased power. Oglethorpe Power was established in 1974 and is owned by its 38 Member Systems. It is headquartered in Tucker, Georgia.
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