Calpine Completes Purchase of Granite Ridge Energy Center in Londonderry, New Hampshire
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Calpine Corporation has 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. I am also pleased to welcome the capable and dedicated employees at Granite Ridge to the Calpine team,” said Calpine’s President and Chief Executive Officer Thad Hill.
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.
About Calpine
Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Its 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, Calpine serves customers in 20 states and Canada. It specializes 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. Its clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting its 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.
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