Combined Cycle, Gas

Calpine acquires Fore River Energy Center for $530M from Exelon

Calpine Corp. (NYSE: CPN) has completed the acquisition of the 809-MW Fore River Energy Center, a natural gas-fired, combined-cycle power plant located in North Weymouth, Massachusetts. Calpine purchased the  powerplant from Exelon Corp. (NYSE: EXC) for $530 million plus adjustments. The transaction was funded with cash on hand.

“We are pleased to strategically increase our presence in the competitive New England power market through the purchase of this modern and efficient power plant. With its dual-fuel capability, Fore River Energy Center furthers Calpine’s goals to support reliability and enhance shareholder value,” said Calpine’s President and Chief Executive Officer, Thad Hill.

Built in 2003, the Fore River Energy Center features two combustion turbines, two heat recovery steam generators (HRSG) and one steam turbine. One turbine includes dual-fuel capability, enabling the turbine to run on natural gas or fuel oil, depending on market conditions. An additional turbine is scheduled to be dual-fuel capable by next winter.

Power produced at the site is sold into the competitive wholesale power markets administered by ISO-New England.