 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
For Immediate Release: |
Contact: |
ENERGY INVESTORS FUNDS’ US POWER FUND II ACQUIRES OWNERSHIP INTEREST IN TENASKA WASHINGTON PARTNERS, L.P.
NEW YORK, NY (February 16, 2006) – Energy Investors Funds, an established private equity fund manager that invests in the U.S. energy and electric power sector, today announced that its United States Power Fund II, L.P. has acquired an approximate 74 percent interest in Tenaska Washington Partners, L.P. The financial terms of the transaction were not disclosed.
Operating since 1994, Tenaska Washington Partners is a nominal 270 megawatt dual fueled-natural gas and oil-cogeneration facility located near Ferndale, Washington that sells all its electrical capacity and energy to Puget Sound Energy, Inc. and steam to the adjacent ConocoPhillips refinery.
“Tenaska Washington Partners is a fully contracted, well maintained and optimally performing power project located in the growing Pacific Northwest power market,” said Michael Gee, vice president with Energy Investors Funds, who led the deal team under John E. Buehler, managing partner. “The project provides firm and reliable capacity in a market dominated by hydro power, which can be dependant on seasonal changes and rainfall.”
“We are delighted with this acquisition, which complements our growing USPF II portfolio, partners us with a premier energy company, developer, owner and operator in Tenaska, and gives us a valuable gas-fired generating asset in a transmission constrained market,” said John Buehler, managing partner. “Since our final closing of USPF II in October 2005, we have already made seven investments, a testament to the continued strength of the primary and secondary markets for power assets in the United States.”
About Energy Investors Funds
Energy Investors Funds was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. Our consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As investment managers we seek to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. Energy Investors Funds has mobilized over $1.75 billion in capital, and currently manages six private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 65 diversified investments, with a combined underlying asset value exceeding $5 billion. For more information visit www.eifgroup.com.
About Tenaska Washington Partners, L.P.
Tenaska, Inc., an energy company headquartered in Omaha, Neb., developed a 270-megawatt cogeneration project in Ferndale, Washington, and formed Tenaska Washington Partners, L.P., a limited partnership to build, own and operate the facility. Affiliates of Tenaska serve as the managing partner and operator.
