Acadia Power Partners, LLC, which is 50% owned by a subsidiary of Cleco Corp.'s (CNL) subsidiary Cleco Midstream Resources LLC, said Friday that it has signed a purchase and sale agreement for Unit 2 of the Acadia Power Station, a 580-megawatt generating unit located near Eunice, to Entergy Corp.'s (ETR) subsidiary, Entergy Louisiana, LLC.
The Acadia Power Station, which began commercial operation in 2002, consists of two Siemens-Westinghouse combined-cycle gas-fired generating units, nominally rated at 580 megawatts each.
Acadia Power Partners proposes to sell 100% of Acadia Unit 2 and 50% of the facility's common assets.
In a separate deal earlier this year, Cleco Power LLC is acquiring Acadia Unit 1 and the other 50% of the facility's common assets pending regulatory approval. Upon closing the deal, Cleco Power will serve as operator for the entire facility.
Entergy Louisiana's purchase is contingent upon, among other things, obtaining necessary approvals, including full cost recovery from various federal and state regulatory and permitting agencies and the filing of notification under the Hart-Scott-Rodino antitrust law. Closing is expected to occur in late 2010 or early 2011.
Energy Louisiana and Acadia Power Partners also have entered into a power purchase agreement for 100% of the output of Acadia Unit 2 that will commence on May 1, 2010, and is set to expire at the closing of the acquisition deal.
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