U.S. power and energy infrastructure owner LS Power Equity Advisors LLC says it has signed an agreement to acquire approximately 3,950 MW of generation resources, including 132 MW of wind generation, in the Northeastern U.S. from TransCanada Corp.
According to the company, the agreement was made through its affiliate Helix Generation LLC for $2.2 billion in cash, subject to working capital and other adjustments.
The portfolio contains, among three other generation facilities, the 132 MW Kibby Wind facility, located in Franklin County, Maine. The $350 million project contains 44 of Vestas’ V90-3.0 MW turbines, originally installed in 2009, and has been in service since 2010.
The other facilities include the 2,480 MW Ravenswood, a multiple-unit-generating natural gas facility in Queens, N.Y., using dual-fuel-capable steam, combined-cycle and combustion turbines; the 778 MW Ironwood natural gas combined-cycle facility, in Lebanon, Pa.; and the 560 MW Ocean State Power natural gas combined-cycle facility, in Burrillville, R.I.
“Each of these assets serves a distinct and crucial role to meet the demand needs in their respective Northeast markets,” says Paul Segal, CEO of LS Power. “Moreover, these facilities are staffed by skilled personnel that maintain safe and efficient operations for their customers. We look forward to ensuring a smooth transition of ownership and responsible stewardship of these vital assets.”
LS Power expects the transaction to close in the first quarter of 2017, pending receipt of necessary regulatory approvals and third-party consents.