Sutherland Asbill & Brennan LLP has advised South Mississippi Electric (SME) on the purchase of LSP Energy LP’s Batesville, Mississippi, plant. The transaction closed this week and involved the acquisition of three gas-fired, combined-cycle generating units with the capacity to produce up to 837 megawatts of electricity at a purchase price of approximately $332/kW.
In August, SME won a bankruptcy auction for the Batesville facility, which led to the consummation of the transaction today. SME has purchased power from the plant since 2001. The plant was LSP Energy LP’s primary asset.
SME is a nonprofit cooperative that generates, transmits and sells wholesale electric energy to 11 member distribution cooperatives. The member systems own and maintain approximately 56,300 miles of distribution lines and provide service to approximately 410,000 homes and businesses throughout more than half of the state.
The Sutherland team included Thomas H. Warren, Mark D. Sherrill and W. Jason Allman.
