Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids capability to meet present and future requirements. Its really that simple.. The fuel is procured from Texas Gas Transmission, LLC. But in April 2020, Longview filed for bankruptcy protection again, wiping out some $350 million in debt, as coronavirus lockdowns cut electricity demand. . American Electric Power Co., one of the largest electricity generators in the U.S., agreed to sell a set of power plants in the Midwest to Blackstone Group LP and ArcLight Capital Partners LLC for . Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. The project is currently active. Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector. AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. You may cancel your subscription at anytime by calling It is a Gas Turbine power plant that is used for Peakload. AEP completed the sale of the plants to Lightstone Generation LLC, a joint venture of Blackstone and an affiliate of ArcLight Capital Partners LLC, for about $2.1 billion. The so-called capacity payments are given out in most U.S. power markets, and regulators tend to favor coal-fired generators that store heaps of coal on site when other power sources might be disrupted. The other three plants are natural gas-fired: the 1,211 MW Lawrenceburg combined-cycle facility in Indiana; the 894 MW Waterford combined-cycle facility in Ohio; and the 484 MW Darby peaking plant also in Ohio. This report made by American Electric Power and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. To the extent Lightstone continues to underperform, further rating action is likely to follow.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSFactors that could lead to an upgradeIn light of this rating action and the near-term challenges facing the wholesale power market, limited prospects exist for the rating to be upgraded. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. AEP ranks among the nation's largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. (812) 537-1191 (fax) It is owned by Lightstone Generation LLC, a 5050 joint venture of The Blackstone Group L.P. and ArcLight Capital Partners. Atlas Holdings, for example, led a joint venture to buy New Hampshires Merrimack Station coal plant in 2018, the centerpiece of a $175 million acquisition of generators from New England-based utility Eversource Energy. Get the latest business insights from Dun & Bradstreet. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. Menu Close SIC Codes. four power plants and a coal mine in Texas. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. [2] The plant was named in honor of James Maurice "Jumpin' Jim" Gavin, the third Commanding General (CG) of the 82nd Airborne Division during World War II. It has been developed in multiple phases. Lightstone Generation LLC: Owner : LINKS. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. The plant may have to pause or even cease operations in order to comply with the order. The Strategic Business Manager is responsible for . The order becomes effective 135 days after publication in the Federal Register. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. Were pleased to be a part of the Gallia County community and strongly support the efforts of the Countys economic development organization. -, Emerson makes $7.6 billion offer for NI Corp public after rebuffed approaches, UK PM Sunak meets Blackstone's Schwarzman in Downing Street, Barclays Adjusts Price Target on Blackstone to $86 From $80, Maintains Equalweight Rating. . Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. Darby Generating Station, 507 MW natural gas. Please feel free to contact us if you have any questions or need additional information. Compare pay for popular roles and read about the team's work-life balance. The company was formed as a joint venture of The Blackstone Group and ArcLight Capital Partners. that it had reached an agreement . The project is currently owned by Lightstone Generation with a stake of 100%. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. James Gheen (ICE) Senior Instrument, Control and Electrical technician for Lightstone Energy at Gavin Power Plant We also note that Lightstone added to its coal inventories in 2020 at low prices, which while utilizing working capital during 2020, should help to improve cash flow going forward during 2021.Factors that Moody's will be examining over the coming months will be Lightstone's 2021 budget and the progress the Project makes in extending its $100 million revolver that expires at the end of January 2022. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. Power plant construction - general contractors, See Companies for SIC 1629. The Gavin Power Plant is located on the shore of the Ohio River at Cheshire, Ohio, and consists of two electric generating units. The EPA has proposed denial of requests for extensions of coal ash permits by several other power plants, including the Clifty Creek power plant in Madison, Indiana and the Ottumwa Generating Station in Ottumwa, Iowa. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. We also work closely with other state and regional offices that can provide assistance to your growing company.. Lightstone also currently benefits from a relatively strong liquidity profile, which currently stands at about $180 million, composed of $100 million under the revolver (all of which is currently available), plus $54 million in the required 6-month debt service reserve (DSR), which is covered by the $100 million TLC that expires in January 2024, plus $26 million in unrestricted cash. BOSTON (Reuters) - Private equity firms are proving theres still plenty of profit in the U.S. coal industry despite a decade of falling demand for the fossil fuel. Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and Arc Light Capital Partners. The sale includes 5,200 megawatts of generation all located in the region served by the PJM Interconnection: AEP will net approximately $1.2 billion in cash after taxes, repayment of debt associated with these assets and transaction fees. The outlook could stabilize if there is a recovery in power market fundamentals resulting in metrics appropriate for a B1 rating, including the ratio of Project CFO to Debt at or above 7.0%, the DSCR at or above 2.0x, and/or the ratio of Debt to EBITDA at or below 6.0x, all on a prospective and sustained basis, and if Lightstone is able to maintain its current level of liquidity.Factors that could lead to a downgradeThe rating could be downgraded if we do not see a recovery in power market fundamentals and the Project continues to underperform such that Lightstone appears unlikely to achieve key financial metrics, including Project CFO to Debt of at least 7.0%, DSCR of at least 2.0x and/or Debt/EBITDA of 6.0x or below, all on a prospective and sustained basis. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. Moodys SF Japan K.K. ArcLight is a leading infrastructure investment firm focused on investing in energy and related infrastructure. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). The rating outlook remains negative.RATINGS RATIONALEToday's rating action reflects the Project's continued weak financial performance through the first nine months of 2020 and the expectation that Lightstone will continue to underperform original expectations during 2021 owing to weak power market fundamentals caused by lower natural gas and power prices and lower generation output, particularly at the coal-fired Gavin plant. Lightstone Generation has acquired four power plants, with combined capacity of approximately 5,200MW, from US based utility American Electric Power (AEP) for approximately $2.17bn. CHESHIRE, Ohio This week, the sale of the Gen. James M. Gavin Plant in Cheshire, along with three other electric-generating facilities in Ohio and Indiana, were finalized. . M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? FIND A SUPPLIER: GET A . 1988 Present. The action is intended to ensure that local water resources are safe while protecting the public health and ensuring a reliable electricity supply, Regan said. We note that these metrics score in the B to Caa range under our published Power Generation Project Methodology, which underpin today's rating action, including the continued negative outlook.The Project's financial performance has raised refinancing risk at Lightstone as the term loan balance of $1.773 billion at 9/30/20 is about $100 million higher than our original base case, owing to much less excess cash flow generation.On a positive note, capacity revenues will be $53 million higher during 2021, owing to higher known capacity auction results, which reached $140/MW-day for the 2021/22 capacity year vs. $76.53/MW-day for 2020/21. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. As leader of the . The capacity power market is a certain source of revenue for coal plants that might otherwise be uneconomical, said Sylvia Bialek, an economist at New York Universitys Institute for Policy Integrity. Founded in 2001, we have over two decades of experience owning and operating infrastructure investments across the entire value chain, from the turbine to wall socket. What are you looking for? About $1.7 billion in the companys debt comes due in 2024. Campus coal plants. ArcLight did not respond to requests for comment. Power Plant Operator View email & phone. It is owned by the Lightstone Generation LLC, which . AEP owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. Supplying electricity to the homes, farms, and businesses in California requires reliable electrical generation that delivers power to the grid. GE Power was selected as the turbine supplier for thermal power project. As a practical matter, the plant may have have to pause or even cease operations next year in order to comply with the order. It is located in Indiana, the US. They keep boilers warm and the plant in a constant state of readiness, said Tony Sapienza, business manager for Local 1837 of the International Brotherhood of Electrical workers. All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. Over 30 years of experience. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. Lightstone Generation LLC - a joint venture between Bostons ArcLight Capital Partners LLC and New York-based Blackstone Group Inc - took on $2.1 billion in debt from Wall Street banks to buy the plant and three much smaller gas-fired units from American Electric Power Company Inc in 2017, according to term sheets viewed by Reuters. Gen. James M. gavin plant in a package of three gas-fired power in. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? . Delayed Nyse Industrial Construction was selected to render EPC services for the gas fired power project. Cision Distribution 888-776-0942 The power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. Welcome to Gallia County, OH and we look forward to working with you. Lawrenceburg power station is a 1232-megawatt (MW) natural gas power station in the state of Indiana, . For example, the debt service coverage ratio (DSCR) for the twelve months ended 9/30/20 measured 1.50x vs. our 2020 forecast of 2.28x; the ratio of Debt to EBITDA was 7.57x vs. 4.59x in the Moody's case, and the ratio of Project Cash Flow from Operations (CFO) to Debt for the same period was 2.8% vs. 11.5% in the Moody's case. Martin Lake Power Plant, Owned by Vistra Corp. Martin Lake Power Plant is a 2,250-Megawatt coal power plant located in Rusk County, Texas. Since the end of 2014, at least five U.S. private equity firms have bought coal plants in markets where regulators pay them to be on standby to provide emergency power when demand surges with extreme hot or cold weather, according to a Reuters review of U.S. regulatory disclosures and credit-rating agency reports. Already a member? The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. At least five other plants, most in the Midwest, face similar action by the EPA under a crackdown proposed in January. During this interim period, AEP is doing project management and engineering support work and also providing transitioning support to LightStone Generation. The order to the Gen. James Gavin Power Plant in southern Ohio marks the first time the EPA has formally denied a utility's request to continue disposing toxic coal ash after a deadline to stop such disposal has passed.
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