WASHINGTON and TUCKER, Ga., March 2,
2021 /PRNewswire/ -- Global investment firm, The Carlyle
Group Inc. (NASDAQ: CG) affiliate Southeast PowerGen, LLC
("Southeast PowerGen"), and electric membership corporation,
Oglethorpe Power Corporation, today announced that Oglethorpe, on behalf of a select group of
members, has entered into a purchase and sale agreement to acquire
Effingham County Power, a 511 megawatt operating combined-cycle
generating and transmission facility located in Rincon, GA, from Southeast PowerGen.
This facility represents a critical baseload asset and is one of
the most efficient natural gas-fired generating facilities in
Georgia. The facility entered
commercial operation in August 2003
and consists of two GE combustion turbines and one steam turbine.
Financial terms of the transaction were not disclosed.
The acquisition is subject to Oglethorpe Board and Member approvals as well
as other customary conditions, including regulatory approvals, and
is expected to close in the second quarter of 2021.
"This acquisition of an existing, low-cost and proven facility
in Georgia is a good strategic fit
for our power supply portfolio. This facility will help meet
a group of our Members' power supply needs as the industry
continues to transition and rely more heavily on natural gas and
renewables," said Elizabeth B.
Higgins, executive vice president and chief financial
officer for Oglethorpe Power.
Upon closing, this will be Oglethorpe's fifth acquisition of gas-fired
generation in Georgia in the last
12 years, totaling almost 3,000 megawatts.
About Oglethorpe Power Corporation
Oglethorpe Power is one of the nation's largest power supply
cooperatives with more than $13
billion in assets serving 38 Electric Membership
Corporations which, collectively, provide electricity to
approximately 4.2 million Georgia
residents. 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 7,900 megawatts. Oglethorpe
Power was established in 1974 and is owned by its 38 Member
Systems. Its headquarters are in Tucker,
Georgia, an Atlanta suburb.
For more information, visit www.opc.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with
deep industry expertise that deploys private capital across three
business segments: Global Private Equity, Global Credit and
Investment Solutions. With $246
billion of assets under management as of December 31, 2020, Carlyle's purpose is to invest
wisely and create value on behalf of its investors, portfolio
companies and the communities in which we live and invest. The
Carlyle Group employs 1,825 people in 29 offices across five
continents. Further information is available at www.carlyle.com.
Follow The Carlyle Group on Twitter @OneCarlyle.
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SOURCE Oglethorpe Power Corporation