Boston, Massachusetts [RenewableEnergyAccess.com] Caithness Energy, LLC and ArcLight Capital Partners, LLC, announced that they have reached an agreement whereby an affiliate of ArcLight will acquire interests in 18 geothermal, wind and solar renewable power generation projects with an installed capacity of 824 megawatts (MW) from Caithness through a series of transactions.The projects that ArcLight will acquire an interest in include, Geothermal: Coso (240 MW), Dixie Valley (66 MW) and Beowawe (18 MW); Wind: Cameron Ridge (60 MW), Pacific Crest (47 MW), San Gorgonio (43 MW), Foote Creek II-IV (43 MW), Texas Big Spring (34 MW), Ridgetop (31 MW), Peetz (30 MW), Oak Creek (23 MW), 251 (18 MW), VG Repower (7 MW), and Chandler (2 MW); and Solar: SEGS VIII (80 MW), SEGS IX (80 MW).
In connection with ArcLight’s acquisition of the projects, the company will assume the responsibilities for the operation, maintenance and management for ten of the 18 projects.
The acquisition is subject to certain closing conditions and the transaction is anticipated to close in the third quarter of 2007. Citigroup, Inc. acted as financial advisor to ArcLight.
Caithness will continue to own and operate the remainder of its generation portfolio, as well as its development portfolio which currently contains in excess of 2,250 MW of renewable and clean combined-cycle projects, including Caithness Long Island, LLC, a 350 MW power project currently under construction on Long Island.