The 760-megawatt combined-cycle gas turbine power plant in South Lebanon Township known as Ironwood is being acquired by Houston-based NRG Energy Inc. in a $12 billion deal that includes 17 other natural gas plants across the country.
As noted by BizNewsPA, the deal announced last week comes amid growing demand for power in the regional electrical grid. The plants in the deal were purchased from LS Power Equity Advisors LLC, which has owned Ironwood since 2017.
Construction on the plant at 305 Prescott Road began in 1999. The $358 million construction project culminated in the plant’s official opening Dec. 31, 2001. Currently, the plant has around 25 employees.
“We are in the early stages of a power demand supercycle, and we are excited to lead the way with reliable energy solutions that will drive considerable value for NRG and all of our stakeholders,” said NRG chief Larry Coben in a press release.
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