Calpine to purchase combined-cycle power plant for $432mn

Calpine Corp. (NYSE: CPN) has agreed to purchase an 800 MW combined-cycle natural gas-fired power plant in Texas from Bosque Power Co. LLC. for $432 million plus adjustments, or approximately $540 per kW.

After the purchase is completed, Calpine will change the name of the plant to the Calpine Bosque Energy Center. The plant includes a 250 MW block with one gas turbine, one heat recovery steam generator (HRSG) and one steam turbine that started operations in June 2001; and a 550 MW block with two gas turbines that went online in June 2000 and two HRSGs and one steam turbine that began operations in June 2011.

The acquisition is expected to close in early November 2012 but is subject to customary closing conditions and expiration of the waiting period under the Hart-Scott-Rodino Act. No shareholder approval is required.

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