{"id":1004318249,"date":"2019-04-22T07:08:11","date_gmt":"2019-04-22T15:08:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004318249"},"modified":"2019-04-22T07:08:11","modified_gmt":"2019-04-22T15:08:11","slug":"austin-energy-to-acquire-nacogdoches-facility-for-460m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/austin-energy-to-acquire-nacogdoches-facility-for-460m\/","title":{"rendered":"Austin Energy to Acquire Nacogdoches Facility for $460M"},"content":{"rendered":"
\"\"<\/a>

Image via Pixabay<\/em><\/p><\/div>\n

Austin Energy has reached an agreement with Southern Power to acquire the Nacogdoches generating facility, a wood waste biomass-fueled power plant in East Texas. The asset has a price tag of $460 million.<\/p>\n

The 115-megawatt plant began commercial operation in 2012 and provides 100 megawatts of renewable energy to Austin Energy under a 20-year power purchase agreement<\/a>. The transaction, which is expected to close in mid-2019, will enable Austin Energy to avoid about $275 million in additional costs over the remaining term of the agreement.<\/p>\n

A trio of green sources<\/h2>\n

Austin Energy has set a target of offsetting 65 percent of its customers\u2019 energy needs with renewable resources by 2027. In 2018, wind, solar and biomass energy combined to offset 38 percent of the energy needed to serve Austin Energy\u2019s customers.<\/p>\n

\u201cAcquiring the biomass plant relieves our obligation to make escalating capacity payments to a third party and, over time, reduces the associated cost impacts to our customers,\u201d<\/em> Jackie Sargent, Austin Energy\u2019s general manager said in a prepared statement.<\/p>\n

\u201cSaving $275 million is a great result!\u201d<\/em> added Austin Mayor Steve Adler. \u201cWe play the hand we\u2019re dealt, and here it means we\u2019ll be able to provide value for our customers and maintain leadership on renewable sources of power. We\u2019ve been working since I got into office to get a better financial deal around the biomass plant.\u201d<\/em><\/p>\n

JP Morgan is providing transaction support and Husch Blackwell is serving as outside legal counsel to Austin Energy in relation with the purchase. Barclays is serving as the financial advisor and Baker Botts is serving as primary legal counsel to Southern Power.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is expected to close in mid-2019 and will enable Austin Energy to avoid about $275 million in additional costs over the remaining term of the agreement.<\/p>\n","protected":false},"author":237,"featured_media":1004318279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,21742,21786],"tags":[39034,32934,43346,32972,35605],"class_list":["post-1004318249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","category-sustainability","tag-austin-energy","tag-barclays","tag-husch-blackwell","tag-jp-morgan-chase-company","tag-southern-power"],"acf":[],"yoast_head":"\nAustin Energy to Acquire Nacogdoches Facility for $460M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/austin-energy-to-acquire-nacogdoches-facility-for-460m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Austin Energy to Acquire Nacogdoches Facility for $460M\" \/>\n<meta property=\"og:description\" content=\"The transaction is expected to close in mid-2019 and will enable Austin Energy to avoid about $275 million in additional costs over the remaining term of the agreement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/austin-energy-to-acquire-nacogdoches-facility-for-460m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-22T15:08:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/biomass-Image-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/austin-energy-to-acquire-nacogdoches-facility-for-460m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/austin-energy-to-acquire-nacogdoches-facility-for-460m\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Austin Energy to Acquire Nacogdoches Facility for $460M\",\"datePublished\":\"2019-04-22T15:08:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/austin-energy-to-acquire-nacogdoches-facility-for-460m\\\/\"},\"wordCount\":282,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/austin-energy-to-acquire-nacogdoches-facility-for-460m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/04\\\/biomass-Image-via-Pixabay.jpg\",\"keywords\":[\"Austin Energy\",\"Barclays\",\"Husch Blackwell\",\"JP Morgan Chase & Company\",\"Southern Power\"],\"articleSection\":[\"Deals\",\"Industrial\",\"Investment\",\"News\",\"Sustainability\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/austin-energy-to-acquire-nacogdoches-facility-for-460m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/austin-energy-to-acquire-nacogdoches-facility-for-460m\\\/\",\"name\":\"Austin Energy to Acquire Nacogdoches Facility for $460M - 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