Hunton Energy has announced that it has signed a Letter of Intent with Cogentrix Energy, Inc., a wholly owned subsidiary of The Goldman Sachs Group, Inc., outlining Cogentrix's becoming the lead equity partner in the development of the Lockwood Project. The Lockwood Project is a large scale integrated gasification project in Fort Bend County, Texas. It is estimated to cost more than $2 billion and consists of two phases with Phase One scheduled for an in-service date of 2011.
"We are excited about the prospects of becoming partners with Cogentrix,?said R.O. Hunton, Chairman of Hunton Energy. "Cogentrix, with its power engineering and operations expertise, and Goldman Sachs, with its capital markets capabilities, have the wherewithal to do the entire deal.?P> Hunton Energy's Lockwood plant configuration provides a maximum of process flexibility including a significant level of CO2 capture capability. This innovation helps meet one of Hunton Energy's goals梕nvironmental leadership in the communities they serve, such as Fort Bend County, home of the Lockwood plant.