| New Jersey Plant Purchase
expands Delta’s presence in Key Northeast Market
MORRISTOWN, NJ (September 25, 2002) – Epsilon
Power Partners, LLC, a company formed by Delta
Power Company, LLC and ArcLight Energy Partners
Fund I, L.P., announced today that it has
acquired a 40% interest in Chambers Co
generation Limited Partnership from GE
Structured Finance’s Global Energy unit. The
terms of the transaction were not disclosed.
The Chambers Partnership owns a coal fired
electric power project located at the DuPont
Chamber Works chemical complex in Carneys Point,
NJ. The facility includes a 262 megawatt coal
fired electric and steam cogeneration facility
and fuel, power sales and other contracts. The
Chambers facility, a state of the art coal fired
electric cogeneration plant built in 1994,
provides enough energy to power more than
250,000 homes.
Closely held Delta Power Company, LLC is a
leading mid-sized owner, developer and manager
of electric power generation facilities in the
U.S., and is headquartered in Morristown, New
Jersey with five offices nationwide. The
purchase of the Chambers Partnership interest
represents Delta Power’s ownership of its second
electric power facility in New Jersey and
fourteenth project in the U.S., and represents
another step in Delta Power’s long range plan to
grow its diversified portfolio of high quality
electrical generating assets. Dean Vanech, Delta
Power’s president states “this transaction
represents another example of our ability to
close transactions quickly, with a high level of
certainty, and at a fair price that results in a
good deal for sellers as well as ourselves.”
ArcLight Energy Partners Fund I, L.P. was
established by Boston-based ArcLight Capital
Partners, LLC to capitalize on attractive
investment opportunities in the evolving power,
utility and energy industry. “Chambers is a very
attractive investment for our investors and
illustrates the benefits of working with
long-term partners such as Delta,” said Daniel
Revers, ArcLight’s Managing Partner. |