West / Regional Reports

Omaha Incorporation Receives $130 Million Investment

OMAHA, NE — For the second time in less than two years, Omaha-based Tenaska, Inc., and Diamond Generating Corporation, located in Los Angeles, CA, have agreed to partner, directly or indirectly, in a series of multiple electric generating projects developed and owned by Tenaska.

Diamond, a subsidiary of Mitsubishi Corporation, recently committed to investing approximately $130 million in three Tenaska projects, totaling approximately 2,4000 megawatts (MW) in capacity.

Prior to this investment, Diamond invested $140 million in four other Tenaska projects in Alabama, Georgia, and Texas. These investments, according to Tanaska, represent Diamond’s strategy to achieve its goal of increasing its investment portfolio on a net equity basis to more than 3,000 MW by the year 2003.

“Diamond’s decision to expand investment in the U.S generation market through further association with Tenaska facilitates our mutual goals,” said Howard Hawks, chairman and chief executive officer of Tenaska. “When our two companies formed a partnership in 2000, I believed our association would be a winning combination to advance the business of delivering affordable energy to fuel America’s growth. As this new agreement demonstrates, the vision and relationship we share continues to be strong.”

The three Tanaska electric generating projects are: Tenaska Central Alabama Generating Station, an 885-MW facility under construction near Billingsley, AL; Kiamichi Energy Facility, a 1,250-MW facility under construction near Kiowa, OK; and Tenaska Washington Partners Cogeneration Station, a 262-MW facility operating in Ferndale, WA. The Alabama Generating Station and Kiamichi Energy Facility are both expected to enter service in 2003. Tenaska’s Ferndale facility has been in operation since 1994.

Publication date: 12/17/2001

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