Greenwich, CT – May 12, 2009 – Starwood Energy Group Global, LLC (Starwood Energy), a private investment firm that focuses on energy infrastructure investment, announced today the completion of construction of the Starwood Midway-Power Plant (“Midway”). Midway is a 116 MW natural gas-fired, simple cycle peaking power facility located west of Fresno that provides power at peak demand periods in a critical part of the central California electricity grid.
“The California Energy Commission, The California Public Utilities Commission, Fresno County officials, URS, Energy Services Inc. and Starwood Energy all worked together to deliver an environmentally compliant and efficient plant on time and on budget despite the challenging economic environment,” said Rich Weiss, Director and Project Manager for Starwood Energy.
The project was constructed by Energy Services Inc., a wholly owned subsidiary of Pratt & Whitney, a division of United Technologies Corporation, through a fixed price engineering, procurement and construction contract. Midway will sell power under a 15-year Power Purchase Agreement. The construction and permanent financing was arranged jointly by WestLB AG and Sumitomo Mitsui Banking Corp.
“The Midway facility provides critical back-up support for intermittent solar and wind resources while providing enhanced reliability and load balancing during peak demand periods. We are pleased to deliver on the promises that we made and look forward to helping to serve the growing energy needs of California,” said Starwood Managing Director, Steve Zaminski.
About Starwood Energy Group Global, LLC
Starwood Energy, an affiliate of Starwood Capital Group, LCC, is an energy investment fund focused on developing and acquiring power infrastructure that has committed to energy infrastructure transactions totaling $3.2 billion of enterprise value and is located in Greenwich, CT. More information is available at www.starwoodenergygroup.com.
Starwood Energy – Tom Johnson of Abernathy MacGregor Group (212) 371-5999