New York City, November 29, 2010 — EBG Holdings, the parent of Boston Generating, announced that the U.S. Bankruptcy Court for the Southern District of New York approved the sale of the company’s assets under Section 363 of the U.S. Bankruptcy code to Constellation Energy.
BostonGen previously entered into an asset purchase agreement with Constellation for its 2,950 MW fleet, the third largest power generating portfolio in the New England region. Under the terms of the asset purchase agreement, Constellation agreed to purchase BostonGen’s assets for about $1.1 billion.
Approval of the Federal Energy Regulatory Commission is necessary to complete the transaction.
“We are pleased to have received the court’s approval to move forward with the sale of our BostonGen assets to Constellation,” said Mark Sudbey, CEO of US Power Generating Co., EBG Holdings parent company. “This transaction clears the path for a new future for our business and provides Constellation with a state of the art, clean, energy efficient gas fired portfolio.”
Constellation is a leading of energy products and services to wholesale and retail electric and natural gas customers. It owns a diversified fleet of generating units located in the U.S. and Canada, totaling about 9,000 MW of generating capacity.