Midland Cogeneration Venture (MCV) Sales Transaction Completed

Wednesday, June 3, 2009

MCV, one of the nation's largest gas-fired cogeneration projects, has been sold.

The new owners are the Swedish company EQT Infrastructure, and American partner, FORTISTAR, who signed a definitive agreement in March 2009 to purchase MCV.

EQT Infrastructure has a 70% stake in MCV and FORTISTAR, based in White Plains, New York, has 30%.  

MCV generates electricity and steam and sells most of its electricity to Consumers Energy.  However, MCV also sells electricity to Dow Chemical and steam to Dow Corning.

MCV is capable of producing up to 1,560 megawatts of electricity and up to 1.35 million pounds per hour of process steam for industrial use.

MCV is represented by UWUA Local 564 and on February 18, 2009, the members ratified a five-year agreement.  The contract was effective on March 1, 2009 and will expire March 1, 2014.  Currently there are 59 union members that work at MCV whom are covered by the successor language of the contract.

An all-employee meeting and luncheon took place on June 1, 2009 and employees had an opportunity to meet the new owners.  MCV also hosted a community meet and greet meeting in the evening on June 16, 2009.

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