Indiana utility co-ops acquire St. Joe Energy Center
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Two nonprofit electric cooperatives have teamed up to acquire the St. Joseph Energy Center, a natural gas plant in New Carlisle.
Indianapolis-based Wabash Valley Power Alliance and Bloomington-based Hoosier Energy did not disclose their financial investment in the acquisition.
The facility, located about 15 miles west of South Bend, is a 720-megawatt plant that began generating power in 2018. It sits on a 165-acre campus and includes two gas turbines, a steam turbine and three air-cooled generators.
The cooperatives say the time was right to partner on the acquisition.
“Our job is to keep the lights on for the families and businesses that rely on us,” Jeff Conrad, CEO of Wabash Valley Power Alliance, said in a news release. “As co-ops, our business model allows us to move quickly when the opportunity is right. At a time when new generation is needed and takes years to build, we could not pass up the opportunity to purchase an existing asset.”
Each co-op is taking a 50% stake in the facility and will share operation and maintenance responsibilities. A spokesperson said 25 people work at the New Carlisle plant, and all jobs are being retained.
The co-ops said they will be well positioned to serve existing customers with plant, while also supporting future economic growth.
“The plant has a history of high-level operational performance and will be a dependable asset for our members,” said Donna Walker, CEO of Hoosier Energy.