Combined Cycle, Gas

Carlyle Group entity completes buy of New England GTCC plants

Nova Scotia energy firm Emera Inc. has completed the sale of its three New England gas-fired power plants to an affiliate of The Carlyle Group.

The $590 million deal selling the plants to Revere Power LLC closed successfully. The sale of Bridgeport Energy, Tiverton Power and Rumford Power was announced in November 2018.

“The closing of this transaction completes an important element of the asset sale component of Emera’s three-year funding plan, which we introduced last November,” said Scott Balfour, President and CEO of Emera. “This transaction, as well as anticipated proceeds from the sale of Emera Maine, fully achieves the targeted asset sale portion of the funding plan and will increase Emera’s financing flexibility and position the company for continued growth.”

Emera first acquired the power plants in 2013. Bridgeport is a 560-MW gas turbine combined cycle plant in Connecticut, which added a 248-kW rooftop solar array onsite In July 2016.

Rumford Power is a 265-MW GTCC site in Maine, while Tiverton Power generates 283 MW in Rhode Island.

Proceeds from the sale will be used to support Emera’s capital investment opportunities within its regulated utility businesses and retire Emera corporate level debt. J.P. Morgan served as Emera’s financial advisor on the transaction.