Emera to buy New England natural gas plants

Emera Inc. entered into an agreement to purchase three combined-cycle gas-fired electricity generating facilities in New England from Capital Power Corp. The purchase will add 1,050 MW to Emera’s power generation capacity in the northeast, and represents a total investment of $541 million.

The facilities, all of which are of recent vintage, are Bridgeport Energy (520 MW) in Bridgeport, Connecticut; Tiverton Power (265 MW) in Tiverton, Rhode Island; and Rumford Power (265 MW) in Rumford, Maine.

Emera plans to finance the purchase with cash and short term credit resources on closing; and ultimately expects to finance the acquisition with a combination of debt and equity consistent with maintaining its strong financial position and existing credit ratings. The transaction is subject to certain regulatory approvals and is expected to close by the end of 2013.

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