Calpine Corporation (CPN) to Acquire Granite Ridge Energy Center in $500M Deal
Calpine Corporation (NYSE: CPN) announced that it has agreed to acquire the Granite Ridge Energy Center from Granite Ridge Holdings, LLC for $500 million, or approximately $671 per kilowatt, subject to working capital adjustments. The 745 megawatt, combined-cycle, gas-fired power plant is located in Londonderry, New Hampshire, approximately 45 miles northwest of Boston.
“This accretive transaction represents an attractive opportunity for Calpine to build upon our track record of value-enhancing portfolio management,” said Calpine’s President and Chief Executive Officer Thad Hill. “With the addition of Granite Ridge, our footprint in New England will comprise approximately 2,000 megawatts of reliable and environmentally responsible generation resources, making us a meaningful supplier in one of the nation’s leading wholesale power markets.”
Granite Ridge is located in ISO-New England, where tightening market conditions have resulted in capacity revenues that will improve substantially over the next three years. The power plant, which commenced commercial operation in 2003, features two Siemens 501G combustion turbines, two heat recovery steam generators and one steam turbine.