Calpine sells excess inventory

San Jose, CA, Nov. 27, 2006 — Calpine Corp. announced that it has completed a series of transactions for the sale of ten turbines and generators and other miscellaneous equipment for a total of approximately $112 million. The equipment sales are part of Calpine’s ongoing program to divest of excess turbines and related inventory.

Calpine CEO Robert P. May stated, “With these equipment sales, Calpine enhances liquidity and lowers costly storage charges, allowing us to further focus our resources on Calpine’s core business — generating and selling… electricity and services.”

Calpine sold the excess equipment inventory as part of its restructuring efforts to maximize the value from its assets and focus on its core business. At an auction held on November 16, Calpine sold two Siemens 501FD combustion gas turbine and generator sets and a partial 501FD unit, three General Electric LM6000 gas turbines and miscellaneous related equipment for approximately $48 million. Last week Calpine also closed on the sale of four Siemens 501FD combustion gas turbines and generator sets for approximately $48 million, and in late October sold a GE FA combustion gas turbine and generator set for $16 million.

For related articles on the continuing Calpine bankruptcy and recovery, please read these articles:

Calpine sells interest in Wisconsin power plant

Calpine to sell interest in Cali energy center

Court OKs Calpine power plant sale

Calpine repays $645 million of its 9 5/8% First Priority Senior Secured Notes due 2014

Calpine Power Income Fund announces departure of CFO Geoff Krause

Calpine completes sale of Mexican power plant

Calpine to cut 775 jobs; announces plans to sell non-core power plants

Calpine sells interest in Mexican power plant; general counsel departs

Calpine shifting executive staff to go forward with restructuring plan

Calpine closes $2 billion DIP financing

Calpine declares compensation figures for board; purchases geothermal plants; appoints new board member

Calpine finalizes collateral structure for $2 billion DIP facility

Calpine files to reject two power plant lease agreements

Calpine to eliminate 300 jobs, sell non-core business

Calpine Power Income Fund and its manager in dispute

Default avoided on King City Project: Calpine Power Income Fund; Scott Davido named CFO of Calpine

Calpine receives court approval of $2 billion DIP financing

Calpine announces departure of member of board

Calpine terminates tender offer for outstanding first priority senior secured notes

Calpine receives court approval of first day motions

Calpine files for bankruptcy

Calpine given time to repay debts, but not much

Calpine’s common stock to cease trading on NYSE

Fitch says Calpine exposure does not adversely affect public power sector

Previous articleEnerNOC is first participant in PJM’s synchronized reserves market
Next articlePGE to buy 76 Vestas turbines for wind project

No posts to display