New York City, January 4, 2011 — EBG Holdings, the parent of Boston Generating, announced that the Federal Energy Regulatory Commission issued an order approving the sale of the company’s assets to Constellation Energy for about $1.1 billion.
All necessary regulatory approvals required for completion of the transaction have been issued and the closing of the sale has now occurred.
Under terms of the agreement, Constellation acquired BostonGen’s five power plants located in the Boston area: four natural gas fired plants, including Mystic 8 and 9 (1,580 MW), Fore River (787 MW), Mystic 7 (574 MW); and a fuel oil plant, Mystic Jet (9 MW).
As part of its Chapter 11 sale process previously announced on August 18, 2010, BostonGen entered into an asset purchase agreement with “stalking horse” bidder Constellation for the 2,950 MW fleet, the third largest power generating portfolio in the New England region.
On November 24, 2010 Judge Shelley C. Chapman of 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.