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United States Power Fund II, L. P. – Investments as of August 2009
US Power Fund II had a final close on October 28, 2005 at $750 million and is substantially committed.
Astoria Energy
Astoria Energy is a 500 megawatt gas fired power plant that began commercial operation in May 2006. Located in Queens, New York, Astoria sells power to New York utility Consolidated Edison under a long-term power purchase agreement. Astoria, the first privately-owned large power plant to be built in New York City in over 25 years, supplies critically needed electric capacity to the city using low cost, environmentally friendly technology. photo
Berkshire Power Company (“BPC”)
BPC is a 245 megawatt gas-fired combined-cycle power facility located in Western Massachusetts and has been in commercial operations since June 2000. The project presently operates under a Reliability Must Run (“RMR”) Agreement with ISO-New England. The RMR agreement was designed to address system inefficiencies and will terminate in June 2010. photo
B.L. England
B.L. England is a 447 megawatt coal- and oil-fired generating station located in Cape May County, New Jersey, approximately 15 miles southwest of Atlantic City. The plant was acquired from Atlantic City Electric Company, a unit of PEPCO Holdings, Inc., in February 2007. Rockland Capital Energy Investments manages B.L. England, including its related investment program in emission control technologies designed to meet mandatory permit requirements and the highest state and federal environmental standards. The facility sells energy into the PJM East electricity market and capacity under the PJM Forward Capacity Market Auctions. photo
Burney Forest Products
Burney Forest Products is a 31 megawatt wood-fueled biomass cogeneration facility near Burney, California, that sells all of its electrical capacity and energy to Pacific Gas and Electric Company under a long-term Standard Offer No. 4 contract. Burney’s facilities consist of two wood-waste Riley Stoker boilers, one GE steam turbine generator set, fuel handling and storage facilities, a zero-discharge water cycle, electrostatic precipitators, a stack, and substation facilities. General Electric constructed the project on a turnkey basis in 1988-89, with commercial operation commencing in 1990. The project is situated on a 322-acre site. photo
Calypso Energy Holdings, LLC
On November 16, 2007, US Power Fund II, along with US Power Fund III, acquired an 80% interest in 14 operating power plants from Cogentrix Energy, Inc. The Fund’s ownership interest in the projects totals 2,331 net megawatts of generating capacity. The acquired portfolio consists of power plants located in 12 states that sell substantially all of their generation capacity under mid- to long-term power purchase agreements or tolling arrangements to local counterparties. The plants are a mix of gas-, coal-, and waste coal-fired facilities that employ state-of-the-art combustion and emissions technologies. The Calypso transaction’s acquisition financing was awarded the prestigious "2007 North America Portfolio Power Deal of the Year" by Project Finance, a Euromoney publication. photo 1 photo 2 photo 3
Crockett Cogeneration
Crockett is a 240 megawatt gas-fired cogeneration facility located in Crockett, California, just east of San Francisco. In operation since 1996, the project is a qualifying facility that sells capacity and energy to Pacific Gas and Electric Company and steam to C&H Sugar Company, Inc. pursuant to long-term contracts. Crockett's senior secured debt is rated investment-grade by both Moody’s and Standard & Poor’s. The refinancing of Crockett was awarded the prestigious "2005 North American Refinancing Deal of the Year" by Project Finance, a Euromoney publication. photo
Ferndale Cogeneration
Ferndale is a dual fired (natural gas and No. 2 fuel oil) 280 megawatt cogeneration project near Ferndale, Washington (the “Project” or “Ferndale”). The Project is a combined-cycle qualifying facility located on an approximately 14-acre site wholly within the boundaries of the approximately 850-acre site of the ConocoPhillips Refinery near Ferndale. The Facility Site is leased by the Partnership from the Refinery under a 49-year Lease Agreement with ConocoPhillips. photo
Glen Park Hydroelectric
The Glen Park Hydroelectric project is a 32 megawatt limited control run-of-the-river facility on the Black River near Watertown, New York, approximately 70 miles north of Syracuse, New York. The project is both a Qualifying Facility and an Exempt Wholesale Generator, and is one of the largest independently owned hydroelectric facilities in New York state. The project, which began operations in 1986, sells its power under contract to a large, investment grade-rated energy company. photo 1 photo 2
Hot Sulphur Springs
Hot Sulphur Springs (“HHS”) is a geothermal power project owned by US Power Fund II which is under development in Northeastern Nevada roughly 50 miles from the city of Elko. HSS is an extremely promising geothermal resource that has been studied for the last 35 years. The first phase of HSS is expected to be 15 megawatts (net) with the expectation of ultimately growing capacity to as much as 50 megawatts-60 megawatts (net). Resource exploration is well underway and the project is expected to begin construction in late 2009 or early 2010.
photo 1 photo 2
Hudson Transmission
Hudson is a 660 megawatt, 345 kilovolt transmission line that will be built between Ridgefield, New Jersey and midtown Manhattan. The Hudson-sponsored project will include approximately eight miles of buried transmission cable, four miles of which will be installed beneath the Hudson River, and a converter station in Ridgefield that will convert alternating current (“AC”) power into direct current (“DC”) power for purposes of efficient transmission, and back to AC power for distribution to the New York Power Authority’s (“NYPA”) New York City customers. The Hudson project was selected by the NYPA at the conclusion of its RFP for new capacity for New York City for a long-term capacity supply agreement.
Hudson will help NYPA meet reliability standards for New York City, while establishing a link to electricity markets in the PJM Interconnection, the regional transmission organization that coordinates electric utilities and power producers in 12 states stretching from Pennsylvania to North Carolina and westward to Illinois. The line is expected to begin construction in 2009 and be completed in 2011.
Kleen Energy Systems, LLC
On June 13, 2008, US Power Fund II, along with affiliated EIF fund US Power Fund III (together, the “Funds”), committed the majority of the construction equity in a 620 megawatt natural gas- and oil-fired combined-cycle power generation facility under construction in Middletown, Connecticut. This commitment followed the Fund's investment in the development of the project. Kleen is being built pursuant to a fixed-price, turn-key Engineering, Procurement and Construction contract with O&G Industries, and will employ commercially proven, state-of-the-art combustion turbine technology. Once operational, Kleen will sell 100% of its capacity to Connecticut Light & Power for a term of 15 years. In March 2009, Project Finance, a Euromoney publication, awarded the Kleen construction financing the prestigious "2008 North American Single Asset Power Deal of the Year". model photo1 photo2
MoGas Energy, LLC (“MoGas”)
(formerly Gateway Pipeline Company, LLC)
Gateway Pipeline is a holding company which owns, through United Pipeline Systems, LLC, 100% of each of Missouri Pipeline Company LLC (“MPC”), Missouri Gas Company, LLC (“MGC”) and Missouri Interstate Gas, LLC (“MIG”). Gateway is well situated within the State of Missouri, primarily servicing utility customers in eastern, southeastern and south central portions of the state. Gateway Pipeline is comprised of roughly 266 miles of natural gas pipeline with a maximum flow rate of 94,000 Mcfd. Gateway has the ability to add compression and increase its maximum flow rate by up to 50%.
On June 1, 2008, Gateway Pipelines became operational under FERC. As part of becoming regulated by FERC, MPC, MGC and MIG were consolidated and renamed MoGas Pipeline LLC (“MoGas Pipeline”) and all other unregulated assets will be held at United Pipelines. Both MoGas Pipeline and United Pipelines are wholly-owned subsidiaries of MoGas Energy LLC (“MoGas”).
On March 1, 2009, MoGas put into service its compression project, increasing the maximum flow rate to 115,000 Mcfd.
Mojave
Mojave is a 55 megawatt natural gas fired cogeneration facility located in Boron, California. The Plant entered commercial operation on July 27, 1990 and is operated by Delta Power Services (subsidiary of Babcock & Wilcox). Mojave sells electricity and capacity to Southern California Edison under a long term PPA. Mojave also sells steam to U.S. Borax, Inc. pursuant to an energy services agreement that is co-terminus with the PPA. The US Power Fund II acquired the lessor interest in Mojave in March of 2006. photo
Neptune Regional Transmission System
Neptune is a 53-mile, 660 megawatt high voltage direct current transmission system that interconnects the Long Island Power Authority (“LIPA”) with the PJM regional transmission organization in Sayreville, New Jersey. At the conclusion of a competitive process, Neptune was awarded a 20-year Firm Transmission Capacity Purchase Agreement by LIPA to provide 660 megawatts of firm transmission capacity. Construction was completed in June 2007 on schedule and within budget. Thereafter, the line was successfully energized and commenced commercial operations. Neptune won the prestigious North American Infrastructure Deal of the Year 2005 Award from Project Finance, a Euromoney publication. map
Northbrook Energy
Northbrook Energy is a portfolio of 15 operating hydroelectric generating stations located throughout the United States. The plants, which are diversified by location, PPA counterparty, and technology, total approximately 42.8 megawatts of capacity. All of the projects have PPAs with load-serving entities that have long tenors or statutorily mandated renewal provisions. photo
Panoche Energy Center
Panoche Energy Center is a 400 megawatt natural gas-fired power plant located approximately 50 miles west of the city of Fresno, California. The project operates under the terms of a 20-year tolling agreement with Pacific Gas & Electric. Panoche utilizes four General Electric Packaged Power LMS100 natural gas-fired combustion turbines. Panoche commenced commercial operations in July 2009. US Power Fund II owns 100% of the project. model photo 1 photo 2
Plum Point
Plum Point is a 665 megawatt (net) coal-fired electric generating facility at a site that is approximately two miles south of the City of Osceola in Mississippi County, Arkansas. The project has been developed by LS Power and will be constructed by a joint venture consortium comprised of Kiewit Construction Co., Black & Veatch (Overland Contracting, Inc.), and Zachry Construction Corp. Construction is scheduled to take 50 months to complete and will involve standard, proven technology. Permitting for the project is complete and construction began in March 2006 with commercial operations due to commence in 2010. Plum Point won the prestigious 2006 North American Single Asset Deal of the Year Award from Project Finance, a Euromoney Publication. model
Russell Biomass
Russell Biomass is a 50 megawatt biomass project in Western Massachusetts. The project is to be located at the site of a former paper mill and will provide a renewed industrial basis to the town of Russell. The development group, led by the former developer of the Stratton Biomass project, an EIF Fund I investment, has progressed terms of a power purchase agreement with a group of municipal and cooperative electric companies. This customer base will provide a creditworthy off-take as well as the opportunity to sell, to the same customers, rights to the Renewable Energy Credits created by project generation. Permitting of the project has been progressing in a satisfactory manner while continuing to be a critical path item in developing the project. Project closing is scheduled for late 2010 with commercial operation in 2013. model
Tierra Energy LLC
Tierra Energy is an aggregator of small gas-fired generation facilities. Tierra is developing the 115 megawatt Eastshore natural gas-fired peaking plant in California which was awarded a
20-year PPA with PG&E and is anticipated to come on-line in 2009.
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