Wednesday, February 25, 2009

Cogentrix Energy Completes Solar Acquisition Purchase of SEGS I and SEGS II Completed

Cogentrix Energy Completes Solar Acquisition Purchase of SEGS I and SEGS II Completed

CHARLOTTE, N.C-Cogentrix Energy, LLC (“Cogentrix”), through its wholly owned subsidiary Cogentrix Solar Services, has closed its acquisition of Sunray Energy, Inc., the owner and operator of facilities formerly known as Solar Energy Generation Systems I and II (“SEGS I” and “SEGS II”), completing a transaction that was entered into on September 30, 2008. SEGS I and II represent the first two utility-scale solar trough plants built in the world and deliver up to approximately 43 megawatts of electric capacity under contract to Southern California Edison (“SCE”). The plants were completed and placed in service in 1984 and 1985 and are located in San Bernardino County, California.

“This acquisition affirms our commitment to renewable energy. Cogentrix has an established track record of investing in, developing, constructing and operating power generation projects throughout the United States. We are now moving forward to deliver these core competencies to the renewable energy sector,” said Larry Kellerman, President of Cogentrix.
Cogentrix plans to make a significant investment in retrofitting and upgrading the delivery capability and reliability of SEGS I and II to enable the plants to continue to supply power into the California renewable market. In solar trough plants, energy from the sun is collected on specially designed mirrors and directed onto glass enclosed collectors where the heat generated is captured and used to produce steam for powering turbine-generators in the production of electricity.

Details of the SEGS I & II acquisition were not disclosed.
“This acquisition positions Cogentrix firmly in the solar business and we are excited about the future,” said Bill Felts, Senior Vice President at Cogentrix. “Renewable energy is a major component of our nation’s energy strategy to help ensure greater energy independence. It is our goal to help ensure that electricity can be provided from renewable sources in an economic and reliable fashion.” With over 25 years of experience in the electric power generation industry, Mr. Felts leads the overall development effort at Cogentrix.

Cogentrix continues to expand its development capabilities. Recent additions to the Cogentrix development staff are Mr. Edouard (Ed) MacGuffie as Vice President of Solar Development; Charles (Chuck) Muoio, Vice President of Development; William (Bill) Heck, Vice President of Southwest Development; Gary Palo, Vice President of California Development; and Eduardo Hernandez-Carstens, Vice President of Wind and DSM Development.

Prior to joining Cogentrix, Ed MacGuffie was Executive Director, Solar for FPL Energy. Mr. MacGuffie’s experience in the solar market includes managing the acquisition of the Kramer SEGS III-VII plants in California; initiating a $100 million solar field recapitalization effort at both Kramer SEGS III-VII and Harper SEGS VIII-IX solar generating facilities; and identifying and negotiating a joint-venture for solar development in Spain.

Chuck Muoio joins Cogentrix from Goldman Sachs where he served as Vice President, Alternative Energy Group. Mr. Muoio has over 30 years of experience in the energy business including responsibility for development, construction and asset management for energy projects. Mr. Muoio was previously with FPL Energy as Vice President of Development with responsibility for mergers and acquisitions, wind quality improvement programs and solar thermal assets.

Gary Palo comes to Cogentrix from FPL Energy where he was Director of Development, managing the development of the Beacon Solar Energy Project, a 250 MW concentrating solar power facility proposed in the western Mojave Desert region of California. Mr. Palo also has extensive experience in the development of natural gas fired electric power projects, including associated interconnecting transmission lines in California. He has been active in the independent power industry for the past 24 years.

Bill Heck joins Cogentrix from Nevada Power Company and its sister company Sierra Pacific Power Company where he served as Development Director-Renewables. Mr. Heck was instrumental in the development of both the 12MW Nellis Solar Star photovoltaic generating facility and the 64MW Nevada Solar One concentrating solar thermal generating facility. He was also responsible for compliance with both the Nevada and California renewable portfolio standards and the procurement of approximately 400MW of geothermal generation.
Eduardo Hernandez-Carstens has over 25 years experience with Petroleos de Venezuela (“PDVSA”), a large integrated energy company where he participated in acquisitions of international downstream assets. Mr. Hernandez-Carstens was responsible for the introduction and negotiation of long term supply contracts of a patented boiler fuel to North American utilities, and structured complex multi-party capital investments in the power industry, marketing projects in Europe, Latin America, Canada and the United States.

Founded in 1983 and headquartered in Charlotte, N.C., Cogentrix is a recognized leader in the independent power industry for its proven capabilities in meeting regulatory and commercial commitments. The Company has offices in Virginia, California, Florida and Nevada in addition to the corporate offices in Charlotte, North Carolina. Cogentrix is a subsidiary of The Goldman Sachs Group, Inc.

Contacts Cogentrix Energy, LLCJef Freeman,

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