Texas cogeneration power plant sold to NRG Energy

NRG Energy acquires Texas Gregory cogeneration power plant ERCOT Atlantic Power Corp John Hancock Life Insurance Rockland Capital

NRG Energy (NYSE: NRG) completed the acquisition of the Gregory cogeneration plant in Corpus Christi, Texas for $244 million. Counting both electrical generation and steam production, this cost equates to about $436 per kW.

The plant is equivalent to an about 560 MW combined cycle gas turbine plant with generation capacity of about 400 nominal MW and steam capacity of 160 MW of electricity equivalent. The unit came online in 2000. Current operator DPS Gregory will continue to operate the plant until the transition to NRG is completed.

The Gregory cogeneration plant provides steam, processed water and a small percentage of its electrical generation to the Corpus Christi Sherwin Alumina plant. The majority of the baseload power generation is available for sale in ERCOT.

The plant was acquired from a consortium of affiliates of Atlantic Power Corp., John Hancock Life Insurance Co. (U.S.A.), and Rockland Capital LLC.

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