TECO Energy completes sale of Commonwealth Chesapeake Power Station to Tenaska Power Fund
TAMPA, April 19, 2005
TECO Energy, Inc. (NYSE: TE) announced that one of its subsidiaries has completed the sale of the Commonwealth Chesapeake Company, LLC, the owner of the Commonwealth Chesapeake Power Station in Virginia, to an affiliate of Tenaska Power Fund, L.P. for $89 million. Net proceeds, which were received today, were also approximately $89 million after consideration for the value of working capital less transaction related expenses. Morgan Stanley served as TECO Energy’s advisor for the transaction.
The Commonwealth Chesapeake Power Station is a 315-megawatt oil fired, simple-cycle peaking power plant located on the Delmarva Peninsula in Virginia. The facility sells capacity, energy and ancillary services in the Pennsylvania- Jersey-Maryland (PJM) market.
TECO Energy, Inc. (NYSE: TE) is an integrated energy-related holding company with regulated utility businesses, complemented by a family of unregulated businesses. Its principal subsidiary, Tampa Electric Company, is a regulated utility with both electric and gas divisions (Tampa Electric and Peoples Gas System). Other subsidiaries are engaged in waterborne transportation, coal and synthetic fuel production and electric generation and distribution in Guatemala.