Only one deal closed Wednesday 12/10/14 in Maricopa County over $5 million according to the Maricopa County Recorder. The Rose Law Group Reporter has not independently verified these transactions.
Tucson Electric Power Co. (TEP) and UNS Electric Ins., a subsidiary of Unisource Energy Services (UES) paid $219M yesterday for the 550MW Gila River Power Station Block 3 in Gila Bend. TEP will get 413of the 550MW with UNS controlling the remaining amount. This was a planned deal as a part of the bankruptcy reorganization of Gila River Power’s parent organization Entegra Power Group LLC, based out of Tampa, Florida. Entegra was facing a 2015 maturity of its $1.3B third-lien debt along with demand issues, so was forced to file Chapter 11. TEP lauds the purchase as a major step in their plan to diversify their generation facilities that have been heavily reliant on coal; the Gila River station is a gas powered plant.
