Unfinished 774 MW natural gas plant fetches $155 million

7 February 2008 -- Constellation Energy said its CER Generation, LLC unit is buying the 80 percent complete Hillabee Energy Center, a 774 MW natural gas-fired power project near Alexander City, Ala. The project is expected to be operational in 2010 when construction and permitting are finalized.

CER Generation is buying the project from Calpine for $155 million (or $200/kW) as part of its Chapter 11 bankruptcy proceedings. Calpine emerged from Chapter 11 protection late last month. The auction resulted in bids that exceeded the initially-proposed sale price of $122.5 million (or $158/kW).

Hillabee is a combined-cycle generating facility driven by two Siemens-Westinghouse 501G combustion turbines. Calpine initiated construction activities at the site in 2001 but placed the project on hold due to adverse market conditions.

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