Complete Energy Is Moving Forward with Goal to Acquire 7-10,000 Megawatts of Generation Assets

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). Complete Energy Holdings, LLC (Houston, Texas), announced last week a definitive agreement to purchase a 100% interest in the 1,024 megawatt La Paloma Generating Company, LLC for $560 million. Subject to regulatory approvals, the transaction is expected to close during the third quarter of this year. The La Paloma station which is currently owned by a group of lenders led by Citibank is located in McKittrick, Kern County, California and consists of four combined-cycle single-shaft Alstom GT24 power blocks each capable of producing 256 megawatts and are ideally suited for dispatching power into the California merchant power market.

Approximately half of La Paloma's capacity is currently sold to Southern California Edison Company under two tolling agreements. This is the second acquisition for the power generation upstart, which acquired the 837 MW Batesville Electric Generating Facility located in Batesville, Panola County, Mississippi, in August 2004. The Batesville power plant consists of three one on one combined-cycle units each with a Siemens Westinghouse W501F combustion turbine, a Nooter Erickson Duct-Fired Heat Recovery Steam Generator and a Alstom Steam Turbine.

Complete Energy is led by industry veterans Lori Cuervo, Peter Dailey, Milton Scott and Hugh Tarpley. Among the owners of Complete Energy is Engage Investments, L.P., a private equity company funded by the Erving Wolf family. Complete Energy is actively seeking to acquire other merchant and contracted power plants currently being divested by utilities, independent power producers, and financial institutions.

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