Madison, Wis, April 9, 2012 – Wisconsin Power and Light Co., a unit of Alliant Energy Corp., won approval from the Public Service Commission of Wisconsin to purchase the Riverside Energy Center from Riverside Energy Center, LLC, a unit of Calpine Corp., for about $392 million.
The Riverside Energy Center is a 600 MW combined cycle natural gas-fired electric generating facility located in Beloit, Wisconsin. It began operation in 2004. WPL currently has a purchase power agreement with Riverside for about 500 MW. Under the purchase power agreement, WPL has the option to purchase Riverside if it exercises the option on or before May 31, 2012.
WPL is still evaluating the potential purchase and the PSCW order. WPL will make a decision whether to exercise its option to purchase Riverside on or before May 31, 2012. If WPL does exercise its option, closing is expected to occur by December 31, 2012.
Wisconsin Power and Light Co., based in Madison, Wis., provides electric service to about 459,000 customers and natural gas service to about 180,000 customers in more than 600 communities across central and southern Wisconsin.