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4-Traders Homepage  >  Equities  >  Nyse  >  Calpine Corporation    CPN

Delayed Quote. Delayed  - 02/08 04:02:00 pm
14.14 USD   -7.64%
02/05 CALPINE : Completes Purchase of Granite Ridge Energy Center in New E..
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Calpine : Completes Purchase of Granite Ridge Energy Center in New England

02/05/2016 | 12:52pm US/Eastern

Calpine Corporation (NYSE:CPN) today completed the acquisition of Granite Ridge Energy Center, a natural gas-fired, combined-cycle power plant located in Londonderry, New Hampshire, approximately 45 miles northwest of Boston. Calpine purchased the plant, which has a nameplate generating capacity of 745 megawatts, from Granite Ridge Holdings for $500 million, or approximately $671 per kilowatt, subject to working capital adjustments.

“The addition of Granite Ridge strategically enhances our footprint in New England. Now with approximately 2,000 megawatts of modern gas-fired capability in the region, Calpine is well positioned to provide clean, flexible and reliable energy and capacity to the market,” said Calpine’s President and Chief Executive Officer Thad Hill. “I am also pleased to welcome the capable and dedicated employees at Granite Ridge to the Calpine team.”

Granite Ridge is located in ISO-New England, where tightening market conditions have resulted in capacity revenues that will improve substantially over the next three years. The power plant, which commenced commercial operation in 2003, features two Siemens 501G combustion turbines, two heat recovery steam generators and one steam turbine.

Consistent with our expectations, $325 million of the purchase price was funded with proceeds from a $550 million first lien term loan secured by Calpine in December 2015, with the remainder funded by cash on hand. The first lien term loan is priced at LIBOR plus 3% per annum (subject to a floor of 1%) and matures in 2023.

About Calpine

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Our fleet of 84 power plants in operation or under construction represents more than 27,000 megawatts of generation capacity. Through wholesale power operations and our retail business, Champion Energy, we serve customers in 20 states and Canada. We specialize in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, stricter environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. Please visit www.calpine.com to learn more about why Calpine is a generation ahead – today, or visit www.championenergyservices.com for details on Champion’s award-winning retail electric services.

Forward-Looking Information

In addition to historical information, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will,” “should,” “estimate,” “potential,” “project” and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Please see the risks identified in this release or in Calpine’s reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended Dec. 31, 2014. These filings are available by visiting the Securities and Exchange Commission’s website at www.sec.gov or Calpine’s website at www.calpine.com. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Many of these factors are beyond our ability to control or predict. Our forward-looking statements speak only as of the date of this release. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and, other than as required by law, Calpine undertakes no obligation to update any such statements, whether as a result of new information, future events, or otherwise.

© Business Wire 2016
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