Located in Londonderry, New Hampshire, approximately 45 miles northwest of Boston, the combined-cycle, gas-fired power plant features two Siemens 501G combustion turbines, two heat recovery steam generators and one steam turbine.
Calpine president and CEO Thad Hill said: "This accretive transaction represents an attractive opportunity for Calpine to build upon our track record of value-enhancing portfolio management.
"With the addition of Granite Ridge, our footprint in New England will comprise approximately 2,000MW of reliable and environmentally responsible generation resources, making us a meaningful supplier in one of the nation’s leading wholesale power markets."
The transaction is subject to customary closing conditions, approvals from the Federal Energy Regulatory Commission, the Federal Communications Commission and the New Hampshire Site Evaluation Committee as well as antitrust review under the Hart-Scott-Rodino Act.
The company plans to close the deal by the first quarter of 2016.
The agreement comes on heels of recently closed transaction by Calpine on acquisition of Champion Energy, a retail electric provider for $240m.
Crane Champion owned a 75% interest in Champion Energy while EDF Trading North America owned the remaining 25% stake.
Calpine expects the acquisition of Champion Energy, which serves primarily commercial and industrial customers in 10 states, to complement its operations in the Texas, Mid-Atlantic and Northeastern US power markets.
Calpine executive vice-president and CCO Trey Griggs 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."
