Nightpeak Energy (“Nightpeak” or the “Company”), an independent power producer focused on reliably powering communities to a low-carbon future, announced that it has closed the purchase of the Saguaro Power Company (“Saguaro”), the owner of a 90 MW combined cycle power plant near Las Vegas, Nevada.
Saguaro has historically served the region as a baseload resource and was commissioned in 1991. Today, Saguaro operates seasonally to provide reliable, uninterrupted power to the Las Vegas Valley and backstops the broader regional grid’s transition to renewable energy. It is operated by a staff of 20 experienced professionals, many of whom have served decades at the plant.
Paris Hays, Co-founder and CEO/CDO of Nightpeak Energy, said, “With our acquisition of Saguaro, we are executing on our strategy of developing, owning, and operating power plants that provide resiliency and reliability to power grids across the US. Saguaro provides critical reliability to the Las Vegas area and the greater Desert Southwest, which has experienced record-breaking renewables build-out and the retirements of legacy coal plants. We look forward to investing in the reliability resources needed to backstop the continued adoption of more intermittent renewable generation in the region.”
Nightpeak was formed in May 2022 and is supported by equity funding from Energy Spectrum Capital, a Dallas-based investment firm that invests across the energy infrastructure value chain. The Company expects to pursue additions to its operating portfolio through continued acquisitions and building out its 7GW greenfield project portfolio. Saguaro is Nightpeak’s first operating power plant.
Davis Wright Tremaine LLP represented Nightpeak in the transaction.
