By Atlanta Business Chronicle

ArcLight Capital Partners LLC, GE Energy Financial Services and the Government of Singapore Investment Corp. will be partners in five Georgia natural gas-fired power plants that form the Southeastâ¿¿s biggest independent power producer.

The GE unit and Singapore Investment Corp. will each acquire 24.95 percent of the portfolio from an affiliate of ArcLight, now its sole owner, the companies announced jointly on Monday. An affiliate of ArcLight will keep 50.1 percent.

Financial terms were not disclosed. The deal, expected to close in the first quarter, still needs approval from the Federal Energy Regulatory Commission and Committee on Foreign Investment in the United States.

The portfolio includes a 320-megawatt plant in Monroe, a 450-megawatt plant in Monroe, a 602-megawatt plant in Linton, a 640-megawatt plant in Sandersville and a 515-megawatt plant in Rincon.

The five plants are each less than 10 years old. Combined, they can generate more than 2,500 megawatts of power. The facilities are managed by Consolidated Asset Management Services, an ArcLight affiliate.

Boston-based ArcLight and Stamford, Conn.-based GE Energy Financial Services are energy investment firms.

Copyright 2011 American City Business Journals
Copyright 2010