Mid-Georgia Cogen

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Press release

Situational Analysis

  • Perennial Power’s first acquisition in North America: a 300 MW dual-fuel, combined cycle cogeneration project in the State of Georgia.
  • Unsolicited offer to acquire ownership interests in from two owners, Atlantic Power Corporation and Northern Star Generation, LLC.
  • The project sells electricity under a long-term contract to Georgia Power Corporation and sells steam under a long-term contract to Frito-Lay, Inc.

Fieldstone Role

  • Acted as exclusive financial advisor to Perennial Power Holdings, Inc.
  • Assisted in negotiations characterized by different financial and strategic objectives of the two sellers.
  • Performed financial due diligence and financial, GAAP accounting, and fair market valuation services.
  • Valuation exercise required deep understanding of the project history, relationship with project lenders, and a complicated waterfall structure.