14 January 2005 – The Saltend Energy Centre may be sold as Calpine Corporation evaluates the power plants future having appointed Credit Suisse First Boston to act as its advisor.
Net proceeds from the sale of the facility would be used to redeem the existing $360m shares with the remaining proceeds to be used in accordance with the asset sale provisions of Calpine’s existing bond indentures.
Calpine acquired the 1200 MW plant, in Hull, England, in late 2001 for $800m. As a cogeneration facility, the plant delivers steam and a portion of its electrical output to an adjacent chemical facility. The majority of the plant’s output is sold into the UK power market.