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First Reserve Acquires INGENCO
April 28, 2006
Richmond, Virginia
RICHMOND - First Reserve, a leading US-based private equity firm specializing in the
energy industry with $4.7 billion under management today announced that it has agreed to
acquire Industrial Power Generating Corporation (INGENCO), a company that designs, builds and
operates distributed power generation facilities, including traditional oil and gas-fired
peaking facilities, industrial cogeneration facilities and landfill gas-fired (LFG) renewable
energy facilities.
"We are looking forward to partnering with First Reserve during the
next stage of our Company's growth," said Chuck Packard, INGENCO President and CEO.
"Their in-depth knowledge of the energy and power space, coupled with their financial
commitment to renewable energy makes First Reserve the ideal partner to allow INGENCO to
further deploy its business model."
Glenn Payne, Vice President with First Reserve concurs. "The INGENCO
management team has worked together a number of years and has done a commendable job of
growing its business prudently and successfully...We are excited about supporting this next
phase of the company's growth." Payne added, "INGENCO is an investment that
offers an existing stable business, immediate growth opportunities and the potential for both
geographic and related expansion opportunities."
Headquartered in Richmond, Virginia, INGENCO's current operations are
focused in the Mid-Atlantic region. INGENCO generates power from the waste landfill gas
produced at municipal solid waste sites. Consuming this greenhouse pollutant in a
proprietary-designed system, INGENCO is able to generate affordable renewable (green)
electricity for sale into the wholesale market.
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