Initial Acquisition of Texas Genco Complete
Houston, TX - December 15, 2004
- Texas Genco LLC, formerly known as GC Power
Acquisition LLC, has completed the first step
of its acquisition of Texas Genco Holdings,
Inc. by acquiring its fossil-fueled power generation
business, consisting of 60 generating units
in 11 power plants, representing a total generating
capacity of 13,286 MW.
In July 2004, Texas Genco LLC, which is owned
in equal parts by affiliates of The Blackstone
Group, Hellman & Friedman LLC, Kohlberg
Kravis Roberts & Co. L.P. and Texas Pacific
Group, entered into a transaction agreement
with CenterPoint Energy and Texas Genco Holdings
to acquire Texas Genco Holdings in a two step
transaction.
Jack Fusco, Chairman and Chief Executive Officer
of Texas Genco LLC, said, “This is a great
company with high-quality assets and talented
and dedicated employees. The stewardship provided
by CenterPoint has been integral to its success.”
“Our focus will be to build upon that
success by making Texas Genco the premier independent
electric wholesale generating company in Texas,”
said Fusco.
He added, “We are mindful of the important
role Texas Genco plays in the community, especially
in the greater Houston area, which, I am delighted
to say will remain Texas Genco’s headquarters.”
The second step of this transaction will be
to acquire Texas Genco Holdings, whose principal
remaining asset at that time will be its ownership
interest in the South Texas Project nuclear
generating facility, following approval of the
Nuclear Regulatory Commission. This is expected
to occur in the first half of 2005.
Texas Genco LLC is one of the largest wholesale
electric power generating companies in the United
States with over 13,000 megawatts of generation
capacity. It sells electric generation capacity,
energy and ancillary services in Texas’
largest power market, the Electric Reliability
Council of Texas (ERCOT). Texas Genco has one
of the most diversified generation portfolios
in Texas, using natural gas, oil, coal and lignite
fuels. For more information, visit our web site
at www.txgenco.com.
Back to Press Releases 2004
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