Gulf Pacific Power Acquires Stake in Georgia Plant
Harbert affiliate takes a 65 percent indirect equity interest in Tenaska Georgia Partners, which owns a 945-megawatt natural gas peaking facility in Franklin.
Updated on Nov. 6, 2026 in Oil and Gas
Gulf Pacific Power, an affiliate of Harbert Management Corp., acquired a 65 percent indirect equity interest in Tenaska Georgia Partners from Global Infrastructure Partners, a part of BlackRock. Tenaska Georgia Partners owns the Tenaska Georgia Generating Station in Franklin, Georgia.
Why it matters
The facility supplies capacity to the region under a long-term tolling agreement with a subsidiary of Constellation Energy Corp., so ownership changes affect how that power is managed. The transaction moves an indirect equity stake rather than direct ownership of the plant.
Gulf Pacific Power now holds a 65 percent indirect equity interest in Tenaska Georgia Partners, which owns a 945-megawatt dual-fuel, simple-cycle natural gas peaking facility. The transaction's price and the identity of the holder of the remaining 35 percent were not disclosed.
The players
Gulf Pacific Power
Gulf Pacific Power is an affiliate of Harbert Management Corp., an investment firm that has pursued infrastructure and energy holdings.
Global Infrastructure Partners
Global Infrastructure Partners is an infrastructure investment firm that became a part of BlackRock, the world's largest asset manager.
Constellation Energy Corp.
Constellation Energy Corp. is one of the largest U.S. producers of clean energy, operating nuclear, gas, and renewable generation.
The details
Global Infrastructure Partners, a part of BlackRock, owned Tenaska Georgia Partners before the deal. Tenaska developed the Franklin facility and has managed its operations since commercial operation began, and the plant operates under a long-term tolling agreement with a subsidiary of Constellation Energy Corp.
Timeline
November 6, 2026: Acquisition announced.
More than two decades: The facility has supported the region's capacity needs.
Market Landscape
Simple-cycle natural gas peaking plants like the Franklin facility are used to meet short bursts of electricity demand, and private infrastructure investors have increasingly bought stakes in such assets. This transaction keeps the plant under a long-term tolling agreement, so its revenue visibility is set by existing contracts rather than new market exposure.
Because the plant is under a long-term tolling agreement, the contracted supply to the region is not expected to change in the near term. The ownership change does not alter the facility's operation for residents or ratepayers as described in the extraction.
The takeaway
Ownership of key power infrastructure is changing hands among private investors, but the long-term contracts that govern how the plant serves the grid remain the most important factor for the region. Readers tracking Georgia's energy supply can watch how the tolling agreement is administered under new ownership.
Further reading
For more on the natural gas sector, see Oil and Gas coverage of Georgia.
Source note: This article includes information reported by Institutional Real Estate, Inc..
