LONDONDERRY, N.H. — Calpine Corp. (NYSE: CPN) has purchased the Granite Ridge Energy Center power plant for $500 million. The natural gas-fired, combined-cycle plant is located at 21 N. Wentworth Ave. in the Southeast New Hampshire town of Londonderry, near the Massachusetts border.
The seller was Granite Ridge Holdings.
The power plant features two combustion turbines, two heat recovery steam generators and one steam turbine. It began operating in 2003. Granite Ridge has a nameplate generating capacity of 745 megawatts, resulting in a purchase price of approximately $671 per kilowatt.
“The addition of Granite Ridge strategically enhances our footprint in New England,” says Thad Hill, Calpine’s president and CEO. “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.”
Calpine financed the transaction with proceeds from a $550 million first lien term loan, secured in December 2015.
Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Champion Energy, the company’s wholesale power operations and retail business, serves customers in 20 states and Canada.
Calpine’s stock closed at $15.31 on Friday, Feb. 5, down from $22.16 one year ago.
— Nellie Day