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EIF in de novo power plant deal

Boston-based Energy Investors Funds will build two power plants in California for Pacific Gas and Electric Company.

Energy Investors Funds, a Boston-based energy-focused private equity firm, today announced it has been awarded a contract by Pacific Gas and Electric Company to build two power plants in Fresno County, California.

EIF’s United States Power Fund II, LP will own 100 percent of the plants, which will be built beginning in 2007.

The first, Panoche Energy Center, will operate at a 400 megawatt capacity. The second, Bullard Energy Center, will operate at a 200 megawatt capacity. Each of the new power plants will be simple cycle and fueled by natural gas.

Although EIF focuses mostly on acquiring existing power assets, the firm responded to a PG&E request-for-offers issued in 2004. Its selection as the power plant developer is still subject to approval by the California Public Utilities Commissions.