Canadian Manufacturing

Emera selling three natural gas power plants in New England for $780M

The Nova Scotia-based company says the deal provides the financial flexibility needed to reduce debt and for capital investment


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HALIFAX – Emera Inc. has signed a deal to sell its three natural gas-fired power plants in New England to an affiliate of the Carlyle Group for $780 million.

The Nova Scotia-based company says proceeds from the sale will be used to reduce debt and for capital investment.

Emera CEO Scott Balfour says the deal, worth US$590 million, increases the company’s financial flexibility.

Together, the Bridgeport Energy, Tiverton Power and Rumford Power plants in the deal have the capacity to generate approximately 1,100 megawatts of power.

Carlyle Group’s Matt O’Connor says the three additional plants will make it one of the region’s largest owners of power generation facilities.

The sale is subject to the regulatory approvals of the U.S. Federal Energy Regulatory Commission, and under the provisions of the U.S. Hart-Scott-Rodino Antitrust Act.

It is expected to close in first quarter next year.

 

News from © Canadian Press Enterprises Inc. 2016

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