Calpine Corp. sells two gas-fired plants to Starwood equity firm

Private equity firm Starwood Energy Group Global LLC is buying two gas-fired power plants from Calpine Corp.

Starwood is acquiring the 325-MW combined cycle Garrison Energy Center in Delaware and the 503-MW RockGen Energy Center peaker facility in Wisconsin. No financial terms were disclosed.

Garrison was one of Calpine’s newer power projects and achieved commercial operation in 2015. It is a dual fuel facility within the PJM Interconnection.

RockGen is a simple-cycle dual fuel plant built in 2001 and dispatches into MISO Zone 2. It’s portfolio is full contracted for nearly five years.

“This unique transaction is the culmination of a significant amount of work with the Calpine team to craft a deal that would achieve multiple objectives. For Starwood, the portfolio represents a combination of scale and risk-mitigation, and is an excellent complement to our existing generation investments,” said Himanshu Saxena, CEO of Starwood Energy. 

Starwood Energy has executed more than $7 billion in transactions. Calpine is the nation’s largest producer of gas-fired generation for competitive markets, with more than 26,000 MW of capacity.

The transaction is subject to customary regulatory approvals and is expected to close in mid-2019. King & Spalding LLP served as legal counsel to Starwood.

 

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  • The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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