OMAHA, Neb. – Tenaska Capital Management, LLC (TCM) today announced that an affiliate has completed the acquisition of US Power Generating Company (USPG) following receipt of required federal and New York state regulatory approvals.
“We are enthusiastic to have USPG affiliated with the Tenaska organization,” said Dan Lonergan, CEO and senior managing director of TCM. “The USPG organization brings a depth of expertise which complements Tenaska’s own record in the industry. We look forward to working with CEO Mark Sudbey, his senior managers and the USPG operating team.”
USPG operates generating units in Queens and Brooklyn, N.Y. The plants sell energy and capacity into the New York Independent System Operator deregulated market.
“We are pleased with the successful completion of this transaction and are excited by the prospect of working with Tenaska,” said Sudbey.
Chadbourne & Parke LLP, based in New York City, acted as legal counsel for TCM on the transaction. Goldman, Sachs & Co. and Morgan Stanley & Co. LLC, also headquartered in New York City, acted as financial advisors, and Los Angeles-based Latham & Watkins LLP served as legal counsel to USPG on the transaction.
On behalf of investors, TCM has managed acquisitions of 18 power generating facilities, totaling more than 10,000 megawatts in five different U.S. regional markets over the past decade.