With the acquisition, ECP will own debt free 100% of each of the three facilities, which include: Lake Road, a 3-unit 812MW combined cycle gas turbine (CCGT) power plant located in Killingly, Connecticut; Masspower, a 264MW CCGT plant located in Orchard, Massachusetts; and
Dighton, a 168MW CCGT plant located in Dighton, Massachusetts.
Curt Morgan, operating partner of ECP, will become CEO of a new generating company that ECP has formed to own and operate the power plants when the transaction is completed.
Mr Morgan said: “We’re very enthusiastic about the acquisition of BG Group’s North American power generation assets and look forward to working with the very experienced and talented workforce at these well run, well maintained facilities. We believe future significant operating synergies can be achieved as we seek to acquire additional assets and grow our new generating business.”
ECP expects to close and fund the acquisition by the end of the second quarter of this year following receipt of all necessary approvals.
