BKV and Banpu Power US Corporation Purchases Natural Gas Power Plant in Texas
DENVER, CO – November 2, 2021 – BKV Corporation (BKV), in partnership with Banpu Power US Corporation, announced today that they have closed on the purchase of the Temple 1 power plant, a natural gas-fueled power plant, located in Temple, Texas, for $430 million. BKV, a national natural gas exploration and production company, and Banpu Power US Corporation acquired the equity interests for the power plant from Temple Generation Intermediate Holdings II, LLC, the entity that owned Temple 1, through its subsidiary, Temple Generation I, LCC.
Chris Kalnin, CEO of BKV, said, “We are extremely passionate about innovating the energy industry for the production and delivery of low impact, sustainable energy. This acquisition provides an entry into the power business, delivering exceptional grid reliability and leading ESG standards with the ability to directly certify our emissions footprint at each step in the value chain.”
Built in 2014 and equipped with modern, flexible, and efficient combined cycle turbines, the power generation facility features advanced emissions-control technology, making it one of the cleanest natural gas-fueled power plants in the U.S. The power plant provides enough energy to power 750,000 homes across central Texas and is strategically located on 250 acres adjacent to the I-35 corridor. It also was one of the few plants that operated during the infamous Texas freeze in February 2021 to provide much-needed power to the ERCOT grid.
Kalnin continued, “This is an important milestone for us, as we move toward creating a different kind of energy company—one that is taking actionable steps now to change the future.”
About BKV Corporation
Headquartered in Denver, Colorado, BKV Corporation (BKV) is a privately held natural gas exploration and production company that seeks to deliver reliable, sustainable energy to the community. Founded in 2015, BKV has over 200 employees across the U.S. that are committed to building a different kind of energy company. BKV is one of the top 20 natural gas producers in the United States and the largest natural gas producer in the Barnett Shale. BKV Corporation is the parent company for the BKV family of companies. For more information, visit www.bkvcorp.com.
Baker Botts L.L.P. acted as legal advisor to BKV. Guggenheim Securities acted as advisor to BKV.
Director, Corporate Communications, BKV
Director, Public Relations & Communications, Pennebaker