Dynegy to Buy French Utility's US Power Portfolio for $3.3 Billion

 Dynegy to Buy French Utility's US Power Portfolio for $3.3 Billion

Dynegy has partnered with Energy Capital Partners, a private equity firm, to purchase the U.S. power portfolio owned by French utility ENGIE.

The $3.3 billion acquisition includes 8,731 MW of generation in the ERCOT, PJM and ISO-New England markets.

The joint venture, named Atlas Power, has secured financing, related transaction fees and working capital, with $2.25 billion in committed debt facilities and $1.185 billion in equity commitments from its owners.

Per the venture agreement, Energy Capital will purchase $150 million in Dynegy common stock at $10.94/share and upon closing will own about 15 percent of the company.

Dynegy, which will own 65 percent of the joint venture, expects the transaction to close by the end of 2016.

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