Longview Power Emerges From Bankruptcy
Longview Power (the “Company”) emerged from bankruptcy on July 31th strategically positioned to build on its record as a low cost, highly reliable and clean coal fired power plant by expanding into a multi-fuel “all of the above” power producer. The last regulatory approval required for Longview Power’s emergence was received from the Federal Regulatory Energy Commission in mid-July, less than 100 days after the Company filed for bankruptcy protection in April.
During this expedited bankruptcy, Longview Power extinguished more than $350 million of loans and now emerges well capitalized with new equity owners that have provided a $40 million 5-year term loan to support its operations and growth. The bankruptcy did not affect relationships with vendors or employees, and none of the Company’s 140 employee plant staff were furloughed during the case or on account of the ongoing global pandemic. Due to its low cost operations, the Company’s plant has continued to operate at high capacity factors notwithstanding the COVID-19 related electricity demand reductions that occurred in the spring.
Longview Power management has continued to make substantial progress in the development of the 1200 MW natural gas combined cycle plant and a 70MW solar facility that will be built adjacent to the coal plant. The CCGT and solar facility received their final siting certificate from the West Virginia Public Service Commission and the CCGT is in the final stages for an air permit and interconnection agreement from PJM.
Jeffery Keffer, CEO of Longview Power, commented that, “The power generation industry faces many challenges in these difficult times. There is no power plant better positioned to meet those challenges. We have state of the art technology and a world class plant staff able to attain and sustain the highest performance from the plant. Moreover, we are at the late stages of developing a cutting edge technology combined cycle gas fired turbine generation plant and solar facility next to the coal plant. These facilities will utilize abundant local high quality fuels and the sun to produce low cost energy for the region for years to come.”