Press Releases : 01/24/2007
FOR IMMEDIATE RELEASE
CONTACT:
Glen Canavera
North American Energy Services
P 425 961 4700
F 425 961 4646
glen.canavera@naes.com
http://www.naes.com
North American Energy Services Operating Four Power Plants Recently Acquired by Tenaska Power Fund
Issaquah, WA, 01/24/2007 -- ISSAQUAH, WA - North American Energy Services Company (NAES), a broad-based provider of services to the power generation industry, announces that it has signed operations and maintenance agreements for four power plants recently acquired by Tenaska Power Fund, L.P. (TPF), a private equity limited partnership. The four now operated by NAES are the Big Sandy, Wolf Hills, University Park, and Holland Energy facilities.
Big Sandy, located in Kenova, West Virginia, is a 300 megawatt (MW) simple cycle peaking plant with six water-injected FT-8 Twin Pac gas turbines. Wolf Hills, in Bristol, Virginia, is a 250 MW simple cycle peaking plant with five water-injected FT-8 Twin Pac gas turbines. The University Park facility, in University Park, Illinois, is a 300 MW simple cycle peaking plant consisting of six water-injected FT-8 Twin Pac gas turbines. Holland Energy Facility, the largest of the four, located in Beecher City, Illinois, is a 665 MW combined cycle plant with two 7FA gas-fired DLN combustion turbines with HRSGs and a single steam turbine.
TPF acquired six plants with 3,145 MW of natural gas-fired generation capacity from Constellation Energy (NYSE: CEG) in December 2006. A Tenaska, Inc. affiliate will operate the other two plants that were acquired by TPF.
"NAES has the proven ability to transition into operating multiple power plants in a short timeframe," said Dan Lonergan, managing director of Tenaska Capital Management, LLC, which manages TPF. "Based on our nearly 20-year relationship with NAES, we feel confident that NAES will be a valued associate as we execute our strategy to maximize the value of these assets."
NAES, headquartered in Issaquah, Washington, is the industry's largest independent, third-party provider of power plant operations and maintenance services, with an experience base of more than 26,000 MW of generation capacity in a wide range of technologies, fuels, locations, customers and modes of operation. With additional offices in New York City, Pittsburgh, Carneys Point, Portland, and Houston, NAES also provides O&M support, maintenance, construction and repair, gas and steam turbine field maintenance and component repair, and the placement of temporary technical and management personnel to the generation industry.
NAES is owned by ITOCHU International Inc., the U.S. affiliate of ITOCHU Corporation. With operations in over 80 countries covering a broad range of industries, ITOCHU is among the world's largest corporations.
Tenaska Power Fund, L.P. (TPF) is a private equity limited partnership formed by its managing directors and the owners of Tenaska Energy, Inc. (Tenaska) to utilize their proven financial, marketing, technical and operating expertise to invest in a diverse group of energy and power companies and assets in the United States. TPF has announced the acquisition of eleven electric generating stations along with energy storage- and infrastructure specialty contractors since its formation in 2003. Tenaska Capital Management, LLC, TPF's manager, is an affiliate of Tenaska, which is one of the largest U.S. independent power producers.
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