Middle River Power closes purchase of 427-MW Panoche plant

Middle River Power closed its acquisition of the fully contracted 427-megawatt Panoche Energy Center gas plant in Firebaugh, California from Ares funds.

Why it matters: It is another private-capital rotation into contracted dispatchable gas capacity in California, where flexible resources command scarcity value as load growth accelerates.

Data as of Closing announced October 6, 2026; price and contract terms undisclosed, no independent corroborating source located

Middle River Power, a Chicago-based independent power producer, announced October 6 that it has closed on the acquisition of Panoche Energy Center, a fully contracted 427-megawatt natural gas generation facility in Firebaugh, California. The seller was funds associated with Ares Management.

No purchase price or contract counterparty details were disclosed. Middle River said the addition strengthens its flexible capacity portfolio as demand for dispatchable resources accelerates, a concise statement of the current California capacity-market thesis: contracted gas plants are scarcity assets in a grid adding load faster than it adds firm capacity.

Middle River Power closes purchase of 427-MW Panoche plant

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