Dynegy Inc. (NYSE: DYN) finalized the acquisition of EquiPower Resources Corp and Brayton Point Holdings LLC from Energy Capital Partners (ECP).
The acquisition includes 10 power plants with a capacity of 6.3 GW for the New England and PJM power markets. The original acquisition price was $3.45 billion including $3.25 billion in cash and $200 million of common stock issued to ECP at closing. Dynegy and ECP on March 30 amended the purchase and sales agreements to increase the cash consideration to $3.35 billion and reduce the common stock by 50 percent based on the settlement price of $28.90 per share.
The power plants included in the deal are:
· The 1,493-MW Brayton Point coal-fired power plant in Massachusetts, scheduled for closing on June 1, 2017.
· The 187-MW Dighton gas-fired plant in Massachusetts.
· The 856-MW Lake Road gas-fired power plant in Connecticut.
· The 280-MW Masspower gas-fired power plant in Massachusetts.
· The 579-MW Milford gas-fired power plant in Connecticut.
· The 788-MW Elwood gas-fired power plant in Illinois.
· The 1,108-MW Kincaid coal-fired power plant in Illinois.
· The 600-MW Liberty gas-fired power plant in Pennsylvania.
· The 447-MW Richland gas-fired power plant in Ohio.
· The 19-MW Stryker oil-fired power plant in Ohio.
Dynegy’s other acquisition, of Duke Energy (NYSE: DUK)’s commercial generation and retail assets in the Midwest, has received all approvals and is expected to close on April 2.
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