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United States Power Fund, L. P. – Investments as of March 2008
The US Power Fund is fully invested and has committed approximately $250 million to 13 generation and transmission assets.
Astoria Energy
Astoria Energy is a 500 MW gas‑fired power plant that began commercial operations in May 2006 in Queens, New York. Astoria sells power to NY utility Consolidated Edison under a long-term power purchase agreement. Astoria is the first privately-owned large power plant to be built in New York City in over 25 years. Astoria supplies critically needed electric capacity to NYC using low cost, environmentally friendly technology. Astoria won the prestigious 2004 North American Single Asset Deal of the Year Award by Project Finance, a Euromoney Publication. model photo 1 photo 2 photo 3
Blackhawk Power Station
Blackhawk, a 230 MW gas‑fired QF is located in Borger, Texas, and sells power and steam under long-term contracts to Southwestern Public Service Company and Phillips Petroleum, respectively. The project began operations in 1998, and employs commercially proven technology. photo
Black River Power
In operation since 1988, Black River Power is a 50 MW coal fluidized bed power plant located in Watertown, New York. The plant sells power to Select Energy, Inc. under a power sales contract and purchase agreement. photo
Crockett Cogeneration
Crockett is a 240 MW gas-fired cogeneration facility located in Crockett, California, just east of San Francisco. In operation since 1996, the project is a qualifying facility that sells capacity and energy to Pacific Gas and Electric Company and steam to C&H Sugar Company, Inc. pursuant to long-term contracts. Crockett's senior secured debt is rated investment-grade by both Moody’s and Standard & Poor’s. The refinancing of Crockett was awarded the "2005 North American Refinancing Deal of the Year" by Project Finance, a Euromoney publication. photo
Glen Park Hydroelectric
The Glen Park Hydroelectric Project is a 32 MW limited control run-of-the-river facility on the Black River near Watertown, NY, approximately 70 miles north of Syracuse, New York. The Project is both a Qualifying Facility and an Exempt Wholesale Generator, and is one of the largest independently owned hydroelectric facilities in New York State. The project, which began operations in 1986, sells its power under contract to a large, investment grad-rated energy company. photo 1 photo 2
Hamakua Energy Partners
Hamakua is 60 MW low-sulfur naphtha plant located in Honakaa on the big island of Hawaii. The plant has been in commercial operation since 2000 and sells power to the Hawaiian Electric Light Company under a power sales contract and purchase agreement. photo
Linden Generating Station
Linden is a 25 MW gas‑fired cogeneration plant located in Linden, New Jersey. Linden sells power, steam, water, and air to General Motors (“GM”) under a long-term contract. The GM Linden plant makes light trucks for sale throughout the U.S. Linden uses commercially proven technology and has been operational since 1999. The Fund sold its interest in Linden in July 2006. photo
Loring Cogeneration
Loring is a 70 MW natural gas‑fired cogeneration facility under development at the former Loring Air Force Base in northern Maine by Loring BioEnergy, LLC (“LBE”). The United States Power Fund, L.P. late-stage development funding to LBE, in the form of a development loan, will support completion of off-take arrangements for sale of the electricity from the plant. Steam sales are planned to existing and new customers in the empowerment zone/enterprise park where the plant will be located. Natural gas sales to industrial customers will also supplement project revenues. In conjunction with this funding, EIF secured the opportunity to make a permanent equity investment in the project’s construction financing. map photo
MASSPOWER
MASSPOWER is a 270 MW gas-fired, combined cycle cogeneration facility located in Springfield, MA. The project employs commercially proven technology, and began commercial operations in July 1993. At the time of the Fund's investment in 2004, the project sold power to three different utilities under the terms of four power sales contracts, and sold up to 50,000 lbs/hr. of process steam to Solutia. MASSPOWER successfully restructured its contracts in 2005, producing financial results exceeding the Fund's original investment expectations; the Fund sold its ownership interest by year-end 2005. photo
Mustang Station
Mustang, a 490 MW gas-fired Exempt Wholesale Generator is located in Denver City, Texas, and sells power to Golden Spread Electric Cooperative (Golden Spread owns a 50% interest in Mustang) under the terms of a long-term power purchase agreement. Mustang, which employs commercially proven technologies and provides stable cash flows, started commercial operations in 1999. photo
Neptune Regional Transmission System
Neptune is a 53-mile, 660 MW high voltage direct current transmission system that interconnects the Long Island Power Authority (“LIPA”) with the PJM regional transmission organization in Sayreville, NJ. At the conclusion of a competitive process, Neptune was awarded a 20-year Firm Transmission Capacity Purchase Agreement by LIPA to provide 660 MW of firm transmission capacity. Construction was completed in June 2007 on schedule and within budget. Thereafter, the line was successfully energized and commenced commercial operations. Neptune won the prestigious North American Infrastructure Deal of the Year 2005 Award by Project Finance, a Euromoney publication. map
Path 15 Upgrade
The Path 15 Upgrade is an 84-mile, 500-kilovolt transmission line and associated modifications to existing substations that was constructed in central California and began operations in December 2004. The Fund, initially a development lender to the project, made an equity investment at commercial operations. The line increased capacity to northern California from southern California by 1,500 MW - 5,400 MW, while also boosting southbound deliveries. The project developer, Trans-Elect, partnered with Pacific Gas & Electric, a California utility, and the Western Area Power Administration, one of four federal power marketing administrations within the U.S. Department of Energy, for the construction of the project. Trans-Elect won the prestigious Infrastructure Deal of the Year 2003 Award by Project Finance International. The Fund sold its interest in the Path 15 Upgrade in September 2006, as part of a 100% sale of the ownership interests in the project, achieving an attractive return. photo (courtesy of Maslonka Associates, An InfraSource Company)
Sea Breeze Regional Transmission System
Sea Breeze consists of the development of two 550 MW high voltage direct current undersea transmission links between Port Angeles, WA and Vancouver; and between Victoria Island and Vancouver. Sea Breeze is a 50/50 joint venture between Sea Breeze Power Corp., a Vancouver–based publicly traded developer, and Boundless Energy, LLP, an energy project developer from York Harbor, Maine. map
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