Maxim pays $311/kW for New England combined cycle plant

16 April 2008 -- Maxim Power Corp. is buying the Pittsfield Generating Co. and its 170 MW power plant in Pittsfield, Mass. from affiliates of GE Energy Financial Services for $52.9 million, or $311/kW.

The facility is a 170 MW combined-cycle, dual-fuel (natural gas or fuel oil) power plant that consists of three combustion turbine generators, three separately fired heat recovery boilers and an extraction/condensation steam turbine generator. The project began commercial generation September 1, 1990.

The purchase is expected to close by early in the third quarter and is subject to approvals by the Federal Energy Regulatory Commission, the U.S. Environmental Protection Agency and other customary closing conditions.

The Pittsfield facility is contracted under a reliability must run agreement with ISO New England until June 1, 2010. The plant is available to provide power to the regional power grid when requested by ISO-NE. Following expiration of the agreement, the facility will be eligible for forward capacity market payments from the ISO-NE, as well as the sale of energy into the day-ahead and real-time energy markets of ISO-NE.

Maxim will own four power plants having a total of 383 MW of generating capacity in this region upon closing this acquisition. These two projects provide additional scale and diversity in Maxim's generating portfolio in the region. Furthermore, Maxim expects operational synergies across the plants given the common technology platform, which will include seven GE Frame 6 combustion turbines, three of which are at the Pittsfield plant.

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