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Sithe Global affiliate sells 25 per cent interest in Goreway Station

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Sithe Global Power’s wholly-owned affiliate, Goreway Luxembourg Holdings, has sold a 25 per cent ownership interest in its Goreway Station, an 875MW combined cycle power generating faci

Sithe Global Power’s wholly-owned affiliate, Goreway Luxembourg Holdings, has sold a 25 per cent ownership interest in its Goreway Station, an 875MW combined cycle power generating facility which recently commenced commercial operation in Brampton, Ontario.

The interest has been sold to each of Chubu Electric Power Goreway, a wholly-owned subsidiary of Chubu Electric Power Company, and Toyota Tsusho Goreway Netherlands, a wholly-owned subsidiary of Toyota Tsusho Corporation.

Sithe Goreway Luxco will retain a 50 per cent ownership stake in the Goreway Station and Sithe Global’s Canadian operating services affiliate will continue to provide operations and maintenance services to the project.

The project’s ‘accelerated clean energy’ supply contract with the Ontario Power Authority and its existing debt financing arrangements are unaffected by the transaction.

Goreway Station incorporates high efficiency gas turbines, selective catalytic reduction for the reduction of emissions of nitrogen oxides and an air-cooled condenser which, when compared to conventional cooling towers, reduces the facility’s water consumption by over 95 per cent and eliminates associated concerns with icing, fogging and visual impacts.

Bruce Wrobel (pictured), Sithe Global’s chairman and chief executive, says: ‘The completion of the Goreway plant is a major milestone in Sithe Global’s effort to build a portfolio of clean generating facilities using the most advanced technology available to meet consumer needs. Chubu and Toyota Tsusho are best-in-class partners for us on a project like Goreway. We sincerely welcome them to the Goreway team and look forward to working with them on future Sithe Global projects.’

Sithe Global is indirectly owned approximately 80 per cent by Blackstone SGP Capital Partners (Cayman) IV, an affiliate of The Blackstone Group, and management, led by Wrobel, with the remaining approximately 20 per cent stake held by investment funds managed by Reservoir Capital Group. Blackstone’s investment in Sithe Global has been made to facilitate Sithe Global’s plans to develop, finance, construct and operate electric power generation facilities in North America and certain international markets.

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