Natural Gas E&P Company To Buy Temple Power Plant In ERCOT

BKV Corporation, in partnership with Banpu Power US Corporation, has signed a purchase and sale agreement to purchase all of the equity interests in Temple Generation Intermediate Holdings II, LLC, the entity that owns, through its subsidiary Temple Generation I, LLC, the Temple 1 power plant in Temple, Texas.

BKV is a natural gas exploration and production company and is a top-20 natural gas producer in the U.S.

Both BKV and Banpu Power US are units of Banpu Public Company Limited, an energy conglomerate based in Thailand.

The transaction, valued at $430 million and subject to customary closing conditions, is expected to close in the fourth quarter of 2021.

The gas-fired, combined cycle Temple 1 generating facility was built in 2014

"We're excited about this acquisition, and the strategic steps we are taking to position BKV as a leading integrated energy company with cleaner, greener energy," said Chris Kalnin, CEO of BKV. "By extending our natural gas business into a power business we are able to deliver to unprecedented grid reliability, while also creating industry leading ESG standards because we can directly certify our emissions footprint at each step in the value chain, from underground molecule to burner tip."

Currently, BKV has natural gas operating assets in the northeast Marcellus Shale in Pennsylvania and in the Barnett Shale in North Texas.