TexGen Power, the independent power producer that was known as ExGen Texas Power until a restructuring in 2017, brought in several senior figures over the summer to serve in C-suite roles.
The company, which owns four gas-fired projects in Texas that used to belong to the competitive generation arm of Exelon Corp., has been owned by a group of former creditors since it emerged from Chapter 11 bankruptcy in 2018 (PFR, 11/7/17).
Rich DiVito, who represented the creditors in the restructuring as an executive director at bankruptcy and distressed debt specialists RPA Advisors, has been TexGen's CEO since then.
This summer, he was joined by energy sector veteran Jeff Kinneman as CFO, Colby Rodriguez as chief commercial officer and Jay Leitstein as chief accounting officer, all in Houston.
David Quackenbush, a colleague of DiVito's at RPA, had previously been serving as interim CFO.
Kinneman's decades-long career includes work as a credit portfolio manager on the energy trading desk at Deutsche Bank, head of structured finance at Calpine Corp., director of credit and risk management at CenterPoint Energy spin-off Texas Genco, which later became NRG Texas, and vice president at Enron.
The new chief commercial offcer, Rodriguez, joins TexGen from Talen Energy, where he had been for about a year and was director of Ercot power trading. Before that, he had spent a decade trading power at Calpine.
Chief accounting officer Leitstein previously held the same title at New Fortress Energy and has also worked at Kindle Energy, PSEG and Exelon in the past.
The former creditor group that now owns TexGen’s 2,159 MW portfolio includes funds managed by Fidelity Management & Research, Fortress Credit Advisors, GSO/Blackstone Debt Funds Management, Guggenheim Partners Investment Management, OppenheimerFunds and Avenue Capital Management, according to a December 2017 filing with the Texas Public Utility Commission.
PineBridge Investments was also a member of the creditor group but PFR has learned that the firm is no longer among TexGen's owners.
The portfolio is composed of four out of the five gas-fired plants that originally made up the ExGen Texas portfolio (see table below). Exelon was able to hold onto the fifth, the 1,265 MW Handley Power project in Forth Worth, by bidding $60 million for it in an auction as part of the bankruptcy proceedings.
Attorneys at Bracewell advised the lenders on federal and state regulatory, environmental and intellectual property issues during the restructuring and TexGen has since retained the law firm for various other matters.
All of the assets are located in the North and Houston Zones of Ercot and were completed between 1966 and 2003.