In 2009, EQT Infrastructure acquired Midland Cogeneration Venture, the largest natural gas-fired cogeneration plant in the US.
During EQT’s ownership, MCV increased its capacity by over 70 MW and enhanced its ability to provide reliable electricity and steam to its customers and the local community for many years to come. For the last 13 consecutive months of EQT’s ownership, MCV had 100% PPA availability compared to its historical average of 98.6%. MCV also began development and permitting work for a 640 megawatt expansion of the facility, which would enable it to expand its electricity and steam service to existing customers and potentially provide these services to additional customers. During EQT’s ownership, MCV achieved 30% growth in net sales and 56% growth in EBITDA.
Key events during EQT's ownership
- Successful implementation of an extensive operational improvement program to improve efficiency, reliability and capacity of the plant
- Renegotiation of key contracts to enhance long-term cash flow stability, reduce costs and optimize for merchant market opportunities
- Initiation of development work for facility expansion
- Focused strong and capable management team to evaluate and implement a large number of operational improvement projects