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APT Generation Stage: LBOs and Special Situations Date of Investment: 2007
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Warburg Pincus and Tenaska Power Fund purchased APT Generation in March 2007. At the time, APT, based in Omaha, Nebraska, owned three relatively new natural gas-fired electricity generation plants known as Armstrong (western Pennsylvania), Pleasants (West Virginia), and Troy (northwestern Ohio) with combined capacity of 1,538 megawatts. These facilities utilize modern simple-cycle generation technology which is efficient, reliable and flexible. APT's facilities were designed to run primarily to meet peak load demand and to provide grid reliability services. Armstrong and Pleasants are located in the PJM reliability region, and Troy is located in the MISO reliability region. Warburg Pincus and Tenaska Power Fund sold APT to International Power.
