IHI Power Services Corp. Awarded Third-Party Operations and Management Agreement With Panamint Capital

IPSC Tapped to Provide O&M Services for Panamint Capital’s Nevada Cogeneration Associates No. 2 and Cottage Grove Cogeneration Facilities

IHI Power Services Corp. (IPSC), a leading owner and operator of power plants across the U.S., today announced it has entered into a third-party operations and management (O&M) service agreement with San Francisco-based investment management firm, Panamint Capital. The companies inked two new contracts for IPSC to oversee O&M for Panamint Capital’s Nevada Cogeneration Associate No.2 (NCA#2) facility, located near Las Vegas, and its Cottage Grove Cogeneration (Cottage Grove) plant based just outside of Minneapolis. The NCA#2 plant is comprised of an 85 MW 3×1 combined cycle cogeneration facility of three GE LM2500 combustion turbines and one GE steam turbine, supplying waste heat to a neighboring gypsum plant. Cottage Grove is a 245 MW CCGT Cogen facility powered by a Siemens 501FC+ with a Nooter Erickson triple pressure HRSG and a Siemens steam turbine. These contracts signify the beginning of a long-standing relationship between the two companies, with the expectation that the partnership will deepen and grow over time.

IPSC has in-depth experience leading successful operations and management projects for power generation facilities across the United States. Its seasoned professionals specialize in a wide variety of technologies, including combustion turbines, reciprocating engines, steam turbines, boilers, geothermal and renewable energy assets in regulated and deregulated energy markets. Its adaptable, site-specific offerings were exactly what Panamint Capital required for its two facilities.

“When we began to seek out potential partnerships, we knew we needed something customizable for our NCA#2 and Cottage Grove plants,” said Apolka Totth, founder and chief executive officer of Panamint Capital. “The IPSC team was able to deliver a complete suite of O&M service offerings, tailored to our specific facility needs. IPSC will add value while minimizing operational risk, making it an optimal partnership in what we are sure will be the first agreement of many.”

IPSC delivers an extensive range of services that will enable Panamint Capital’s plants to run more safely, reliably and cost-effectively. IPSC’s performance objectives are always aligned with its partner’s economic goals to fully maximize the financial potential of the power generating assets.

“When Panamint Capital came to us with a list of needs for its NCA#2 and Cottage Grove facilities, we knew there was a prime opportunity to form a long-lasting partnership,” said Steve Gross, president and chief executive officer at IPSC. “We are eager to team up to provide the reliable third-party O&M service offerings we’ve become known for in the industry and have no doubt that this is the beginning of a very fruitful relationship for both parties.”

IPSC is a highly responsive, result-focused innovator in the power generation industry. It is known for providing world-class services to every facility and project that it manages. As an owner-operator, IPSC understands that reducing operational risks and maximizing value while maintaining regulatory and environmental compliance is key to the success and longevity of every facility.

To learn more about IPSC, visit: www.ihipower.com.

ABOUT IHI POWER SERVICES CORP: IHI Power Services Corp’s (IPSC) parent company, IHI Corporation, based in Tokyo, Japan, is a heavy industrial manufacturing and services company. The company is active in several industries, including aerospace, shipbuilding, power generation, automotive and transportation infrastructure. IPSC was specifically formed to provide operations, maintenance, management and power plant support services to the U.S. power generation industry. The IPSC team of energy professionals delivers value-added service based on expertise gleaned through years of hands-on experience in the power generation industry. As an owner and operator, IPSC understands that minimizing operational risks and maximizing asset value while maintaining a safe work environment that is environmentally compliant is key to the success of every facility. By instituting proven programs, industry best practices and upholding the company’s guiding principles of growth, respect, accountability, integrity, and lack of limitation, IPSC provides world-class service to each of the more than 30 facilities and 12.7 gigawatts it manages. For more information, visit www.ihipower.com and follow IPSC on LinkedIn.

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