By Editors of Power Engineering
One year after being granted approval by New Hampshire regulators, Eversource has revealed the buyers of 14 power plants totaling nearly 1,200 MW the company put up for sale.
Eversource’s three large fossil generation facilities, including coal-fired Merrimack Station, Newington Station and Schiller Station in Portsmouth, and two remote combustion turbines will be purchased by Granite Shore Power LLC, a newly-formed 50-50 partnership between Atlas Holdings of Greenwich, CT and Castleton Commodities International of Stamford, CT for a price of $175 million. The company’s nine hydroelectric facilities will be acquired by Hull Street Energy LLC and affiliates an electric industry-focused private equity firm based in Bethesda, MD, for $83 million.
As part of the sale, the new owners must keep the plants in service for at least 18 months and honor employee benefits established by Eversource and the International Brotherhood of Electrical Workers.
The sales, managed by J.P. Morgan, are expected to close by early 2018. Eversource said the change in ownership will mark the completion of electric deregulation in New Hampshire and a shift in how the company procures energy for customers in the future.