Tyr Energy, Inc. (“Tyr”), Tokyo Gas Co., Ltd., and Kansai Electric Power Co., Inc. announced today that they have agreed to acquire the 635MW dual-fuel combined cycle, power generation facility in Rensselaer, New York (“Empire”) from funds managed by Energy Capital Partners. Empire reached commercial operation in 2010 and sells merchant energy, capacity, and ancillary services to the NYISO competitive wholesale markets. The acquisition is subject to regulatory approvals and customary closing conditions, and will include a significant reduction to the existing project-level debt through additional equity investment.
Tyr led the transaction on behalf of the three partners and will assume asset management responsibilities at closing. Tyr’s affiliate, NAES Corporation, will provide O&M services to Empire.
About Tyr Energy, Inc.
Based in Overland Park, Kansas, Tyr Energy, Inc. is wholly-owned by ITOCHU Corporation and ITOCHU International Inc. Tyr and its affiliates currently own equity interests in 17 power operating and development projects across the United States, with total gross capacity of 9,000 MW. For more information, visit www.tyrenergy.com.