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ArcLight has purchased indirect ownership interests in Kleen Energy Systems, including 100% of the preferred equity and a minority common equity interest.
An affiliate of ArcLight Capital Partners (ArcLight) completed the acquisition of indirect ownership interests in Kleen Energy Systems from Sojitz Corporation of America. The interest acquisition includes 100% of the preferred equity and a minority common equity ownership interest. Kleen Energy Systems owns a 620 MW natural gas-fired power plant located in Middletown, CT. The terms of the private transaction have not been disclosed.
Kleen’s natural gas-fired plant was completed in July of 2011 and provides critical capacity, energy, and accompanying services. The power output provided by Kleen will allow for the integration of intermittent renewable sources into the New England electricity market.
"At ArcLight, we view electrification as a key driver of the energy transition, with electricity demand increasing significantly over the next two decades," said Dan Revers, Managing Partner and Founder of ArcLight. "The efficient and dispatchable output provided by Kleen will help maintain critical infrastructure and grid stability for the New England market throughout this period."
Kleen is signed to a capacity supply agreement with Connecticut Light & Power and maintains an advantaged market heat rate and dual fuel capability that produces dispatchable output for the New England market.