ArcLight to Acquire Ownership Stakes in Kleen Power Gas Plant
(P&GJ) — ArcLight Capital Partners has signed definitive agreements to acquire equity interests in Kleen Energy Systems, a 620-megawatt natural gas-fired power plant in Connecticut, from Osaka Gas USA Corporation and Kyuden International Americas Inc.
Kleen Power is considered one of the most efficient natural gas-fired assets in New England and is positioned to benefit from increasing electricity demand driven by artificial intelligence (AI), data centers, and electrification.
“ArcLight's acquisition of Kleen Power leverages its deep investment expertise across over 50 power investments since 2001, along with its ability to acquire strategic power infrastructure assets and utilize ArcLight's value added investment playbook and resources to enhance value and the ability to provide critical and reliable power,” said Angelo Acconcia, Partner at ArcLight.
“Kleen is a high-quality combined cycle providing critical infrastructure and reliable energy supply as one of the most efficient natural gas-fired assets in the New England market, serving a real and growing market need,” added Andrew Brannan, Managing Director at ArcLight.
Following the closing, ArcLight’s power management arm, Alpha Generation Services, led by Curt Morgan, will take over operations. The transaction is expected to close in 2025, pending regulatory approval. Terms were not disclosed.
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