OGLETHORPE POWER SEEKS TO ACQUIRE NATURAL GAS-FIRED COMBUSTION TURBINE GENERATING FACILITY FROM HARBERT MANAGEMENT CORPORATION

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Oct 24, 2022, 09:00 ET

TUCKER, Ga. and BIRMINGHAM, Ala., Oct. 24, 2022 /PRNewswire/ -- Oglethorpe Power Corporation, a member-owned cooperative, and Harbert Management Corporation ("HMC"), an investment management firm, today announced that Oglethorpe Power has entered into a purchase and sale agreement to acquire two generating units at Washington County Power, a four-unit 660-megawatt combustion turbine generation and transmission facility located in Sandersville, Georgia, from Gulf Pacific Power, LLC, an investment fund managed by HMC.

Oglethorpe Power is acquiring two of the facility's four GE combustion turbine units. The facility entered commercial operation in 2003. The two acquired units will add approximately 330 megawatts of natural gas-fired capacity to Oglethorpe Power's diverse generation portfolio. The units are permitted for dual-fuel capability and in the future could be modified by Oglethorpe Power to run on either natural gas or diesel fuel, adding to the company's year-round resiliency and winter reliability.

The acquisition is subject to Oglethorpe Power Board and member approvals, as well as other customary conditions, including regulatory approvals, and is expected to close by the end of 2022. Financial terms of the transaction were not disclosed.

"Our members have evolving and expanding power supply needs, and this acquisition of an established peaking facility in Georgia will enable us to continue to meet their power and reliability requirements in an affordable, environmentally responsible and safe manner," said Oglethorpe Power executive vice president and chief financial officer Elizabeth B. Higgins.

Upon closing, this will be Oglethorpe Power's sixth acquisition of natural gas-fired generation in Georgia over the last 13 years, totaling more than 3,000 megawatts.

About Oglethorpe Power

Oglethorpe Power is one of the nation's largest power supply cooperatives with more than $16 billion in assets serving 38 Electric Membership Corporations which, collectively, provide electricity to approximately 4.4 million Georgia residents. A proponent of conscientious energy development and use, Oglethorpe Power balances reliable and affordable energy with environmental responsibility and has an outstanding record of regulatory compliance. Its diverse energy portfolio includes natural gas, nuclear, hydroelectric and coal generating plants with a combined capacity of more than 8,300 megawatts. Oglethorpe Power was established in 1974 and is owned by its 38 Member Systems. Its headquarters are in Tucker, Georgia, an Atlanta suburb. For more information, visit www.opc.com.

About Harbert Management Corporation

Harbert Management Corporation ("HMC") is a privately owned alternative asset management firm formed in 1993 to sponsor alternative asset investment funds. HMC has approximately $8.4 billion in Regulatory Assets Under Management as of September 30, 2022. HMC serves foundations and endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include European and U.S. real estate, seniors housing, growth capital, credit solutions, infrastructure, and absolute return funds. For additional information about HMC, visit www.harbert.net.

SOURCE Oglethorpe Power Corporation