Statement Regarding the Linden Power Plant
GE Energy Financial Services has agreed to acquire the common equity of East Coast Power LLC, holder of the general partner interests in the more than 900–megawatt Linden power plant in New Jersey, from Goldman Sachs. The acquisition follows GE Energy Financial Services' strategy of growing by investing in energy infrastructure.
Linden is among the biggest and most efficient power producers in the critical New York–New Jersey market, a plant Energy Financial Services knows well because GE Energy supplied the turbines for the plant and operates it. In addition, Energy Financial Services financed Linden's construction and has made partnership equity and debt investments in it. GE's proprietary power market models confirm the plant's long–term value and opportunities for enhancements to help meet increasing power demands in the New York area.
The gas–fired cogeneration power plant –– with five GE 7EA and one GE 7FA gas turbines and three GE steam turbines –– went into operation in 1992. It provides power to the New York City and New Jersey markets as well as steam and electricity to ConocoPhillips' Bayway Refinery and the Infineum USA additives refinery in New Jersey. Bayway is among the largest refineries on the East Coast.
The Linden acquisition continues GE Energy Financial Services' 25–year legacy in power investing. It now holds investments in power projects with a capacity to produce 22 gigawatts, enough to power more than 20 million homes.
The transaction is subject to various regulatory approvals and is expected to close in the second quarter of this year. Financial details were not disclosed.