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The deal increases the Houston-based company’s expansive array of gas-fired power plants, as natural gas continues to gain ground on coal-fired plants. Granite Ridge, located 45 miles northwest of Boston, features two Siemens 501G combustion turbines, two heat recovery steam generators and one steam turbine.
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Thad Hill, Calpine president and CEO, said: “... With the addition of Granite Ridge, our footprint in New England will comprise approximately 2000 MW of reliable and environmentally responsible generation resources, making us a meaningful supplier in one of the nation’s leading wholesale power markets.”
Although it is still subject to a number of approvals, Calpine hopes to close the deal by the first quarter of 2016.
This deal itself comes just after the company acquired a 75 per cent stake in Champion Energy for $240 million, which Calpine hopes will complement its operations in Texas, Mid-Atlantic and North-eastern US power markets.
Commenting on the latter deal, Trey Greggs, Calpine executive vice-president and CCO, said: “The addition of Champion Energy is an important step in our concerted effort to create more channels for our wholesale power by getting closer to customers.”