PSEG Power, through its wholly-owned subsidiary PSEG Fossil, has acquired the 755-MW combined-cycle Keys Energy Center project from Genesis Power, LLC and an energy-focused private equity fund managed by Ares EIF Management, LLC.

The project is located in Prince George's County, Maryland and will feature two gas-fired turbines and one steam turbine.

PSEG Power – an independent power producer and subsidiary of PSEG – expects to begin construction of the natural gas-fired, combined-cycle plant in 2015. The plant, which represents an investment of $825 - $875 million, is targeted to be completed and supplying needed capacity and energy to the state of Maryland and region in 2018. The project was bid into and cleared the PJM capacity auction in May 2014.

"The new plant offers a strong operational and financial fit for PSEG Power's balanced generation portfolio and will expand our footprint in our core PJM market," said Bill Levis, PSEG Power president and COO.

Tags:
PSEG   PSEG Power   Maryland   Genesis Power   Ares EIF Management  

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