Under the terms of the agreement signed earlier, Calpine has agreed to acquire the Fore River Generating Station and related plant inventory as well as adjustments, or approximately $655 per kilowatt.
Built in 2003, the generating station comprises two Mitsubishi 501G combustion turbines, two heat recovery steam generators and one Mitsubishi steam turbine.
Calpine president and chief executive officer Thad Hill said: "We are pleased to strategically increase our presence in the competitive New England power market through the purchase of this modern and efficient power plant. With its dual-fuel capability, Fore River Energy Center furthers Calpine’s goals to support reliability and enhance shareholder value.
The combined-cycle power plant also features dual-fuel capability to enable it to run on either natural gas or fuel oil, based on market conditions.
Hill earlier said: "With the acquisition of Fore River, we will grow our presence in a region that features favorable fundamentals and a supportive, market-based regulatory philosophy," said Calpine’s President and Chief Executive Officer Thad Hill.
"This modern, efficient power plant is dual-fuel capable, making it an excellent fit with our existing, reliable East Region fleet."
