Press release | 04.09.18
TEMPLE, Texas – Temple Generation I, LLC (“Temple Generation” or the “Company”) is working to meet Texas’ electricity needs with its 758-megawatt, natural gas-fired, combined-cycle power plant located in Temple, Texas. The plant provides enough energy to power 750,000 homes across central Texas. Built in 2014, and equipped with modern, flexible, and efficient turbines, Temple Generation serves as a key generating resource to meet Texas’ growing demand and the changing needs of the ERCOT marketplace.
The Company successfully emerged from a Chapter 11 reorganization on February 7, 2018. As part of that comprehensive process, pre-petition indebtedness was exchanged for 100% of the new equity interests in the Company. In addition, Temple Generation strengthened its balance sheet and positioned its operations for future success by securing a $50 million exit financing facility, eliminating in excess of $250 million of pre-petition indebtedness and replacing, renegotiating and optimizing key commercial arrangements through the process. The Company emerged with a new independent Board of Directors and Woodlands Energy Management LLC (“WEM”) now provides executive leadership. WEM’s Chief Executive Officer, Daniel Hudson, and Vice President of Energy Markets, Chandler Morris, also advised creditors during the restructuring process. In addition, Consolidated Asset Management Services is providing asset management services to the plant, and EDF Energy Services is acting as the new energy manager.
“Temple Generation has emerged stronger and more flexible than ever,” said WEM CEO Daniel Hudson. “Its Temple power plant continues to be a leading clean, low-cost power supplier ready to reliably meet Central Texas’ growing electricity demand.”
In addition to WEM, Temple Generation has retained investment banking firm Houlihan Lokey to evaluate strategic alternatives on behalf of the Temple Generation board of directors.
Temple Generation I, LLC is an energy development company based in Temple, Texas.