Tenaska Acquires Natural Gas Generation Facilities

OMAHA, Neb., Feb. 8, 2024 /PRNewswire/ -- An affiliate of Tenaska has acquired six 21-megawatt natural gas generation facilities in Northeast Pennsylvania from IMG Energy Solutions. The acquisition comes at a time when PJM, the regional transmission organization responsible for coordinating the movement of wholesale electricity in all or parts of 13 states and the District of Columbia, has concerns about the ability to meet forecasted power demands.

"We are excited to add these high-quality projects to our portfolio of generating assets in PJM. Natural gas-fueled generation is critical to providing clean, efficient, and reliable power to the market," said Dave Kirkwood, senior vice president and head of capital deployment & finance at Tenaska. "This acquisition is a good fit as part of Tenaska's strategy to deploy capital through investments in quality generating assets across the country."

Mike Brady, CEO of IMG Energy Solutions, commented on the transaction, "IMG's value proposition to PJM of reliable, fast start, and flexible power is strengthened by increasing reliance on power from intermittent sources, such as wind and solar, declining coal output, and IMG's ability to bolt-on other technologies such as battery storage."

Each of the six plants uses proven gas reciprocating engine technology provided by top-tier OEMs with significant advantages across start time, efficiency (including zero water usage), and reliability relative to other power generators. The plants were thoughtfully planned and have been well-maintained by a seasoned leadership team with more than 140 years of collective development and operations experience.

About Tenaska

Consistently ranked among Forbes List of America's Largest Private Companies, Tenaska is a leading energy company with business operations across the energy value chain. Tenaska Marketing Ventures (TMV) and Tenaska Power Services Co. (TPS) are among the largest natural gas and electric power marketing companies in North America. The company has an operating fleet of 7,700 megawatts (MW) of natural gas and renewable generating facilities and throughout its history has developed, managed and/or operated approximately 22,000 MW of natural gas-fueled and renewables generation. Tenaska looks for opportunities to invest its own capital in generation assets across the country. The company's development services portfolios include more than 27,000 MW of solar, wind and energy storage projects, as well as gigawatt-scale green hydrogen hubs. For more information, visit www.tenaska.com.

About IMG Energy Solutions

IMG Energy Solutions builds, owns, operates, and services on-site power generation plants. IMG's portfolio approach to distributed generation provides a unique combination of renewable energy complemented by flexible, quick start, power generation capabilities, designed to optimize intermittent renewables while maintaining a reliable, low carbon intensity power grid. For more information, visit www.imgenergysolutions.com

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SOURCE Tenaska