Calpine Buying Natural Gas-Fired Power Plant for $500 Million

Calpine Buying Natural Gas-Fired Power Plant for $500 Million

Calpine Corp. (NYSE: CPN) acquired a 745-MW combined-cycle natural gas-fired power plant in New Hampshire for $500 million, or $671 per kilowatt.
Calpine agreed to purchase the Granite Ridge Energy Center from Granite Ridge Holdings LLC. The plant is located in ISO-New England and started operations in 2003. It uses two Siemens (NYSE: SI) 501G combustion turbines, two heat recovery steam generators and one steam turbine.
Calpine expects to fund the deal with a combination of debt and cash and plans to close the transaction by first quarter 2016, subject to customary closing conditions and approvals. The company has already obtained committed debt financing sufficient to cover the purchase price.

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