Complete Energy Holdings Reaches Agreement to Buy La Paloma Generating Facility.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- Complete Energy Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Complete Energy") announced today that one of its wholly-owned subsidiaries has signed a definitive agreement to purchase a 100% interest in La Paloma Generating Company, LLC. The 1,022 MW gas-fired, four-unit combined-cycle facility is located in Kern County, California Kern County is a county located in the southern Central Valley of the U.S. state of California. Established in 1866, it extends east beyond the southern slope of the Eastern Sierra Nevada range into the Mojave Desert, and includes parts of the Western Indian Wells Valley, and . The purchase price is approximately $560 million in cash plus potential adjustments of up to $50 million for certain plant improvements plus adjustments for working capital and other items. The transaction is expected to close during the third quarter of this year, subject to regulatory approvals. Approximately half of La Paloma's capacity is currently sold to Southern California Edison Southern California Edison (or SCE Corp), the largest subsidiary of Edison International (NYSE: EIX), is the primary electricity supply company for much of Southern California. It provides 11 million people with electricity. Company under two tolling agreements. The remaining output is sold in the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). merchant power market. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Peter Dailey, Managing Director of Complete Energy, "The addition of La Paloma will complement and strengthen Complete Energy's mission to execute on power generation transaction opportunities. This acquisition accelerates our plan to acquire 7,000 to 10,000 MW of both merchant and contracted power generation assets over the next three years." ABOUT COMPLETE ENERGY Complete Energy is an acquirer, owner and operator of power generation assets. It is led by industry veterans Lori Cuervo, Peter Dailey, Milton Scott and Hugh Tarpley. Among the owners of Complete Energy is Engage Investments, L.P., a private equity company funded by the Erving Wolf family. Complete Energy is actively seeking to acquire other merchant and contracted power plants currently being divested by utilities, independent power producers, and financial institutions. For more information, visit www.complete-energy.com. |
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