Calpine sells interest in Wisconsin power plant

San Jose, CA, Oct. 12, 2006 — Bankrupt power producer Calpine Corp. announced that one of its non-debtor subsidiaries has completed the sale of its entire leasehold interest in the 560-megawatt Fox Energy Center, located in Kaukauna, WI, to affiliates of GE Energy Financial Services, the plant’s owner/lessor.

With the sale, Calpine intends to advance its Chapter 11 restructuring program, which attempts to focus on bringing Calpine back to its core business.

The Fox Energy Center is a natural gas-fired, combined-cycle facility that supplies electricity to Wisconsin Public Service Corp. under a ten-year power sales agreement. In consideration of the sale, Calpine will receive a cash payment from GE Energy Financial Services of approximately $16.3 million and eliminate approximately $352.3 million of obligations under a non-recourse sale/leaseback transaction.

Calpine operated, maintained and held a leasehold interest in the facility through its subsidiary, CPN Fox. Another business unit of GE, GE Energy, has hired all of Calpine’s former Fox Energy Center personnel to continue to operate and maintain the power plant. The U.S. Bankruptcy Court for the Southern District of New York and the Federal Energy Regulatory Commission have approved the sale.

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

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

For more news and exclusive features from Utility Automation & Engineering T&D and Electric Light & Power online, please click here.

Previous articleABB low voltage drives garner Frost & Sullivan award
Next articleFirst Reserve and GenPower announce formation venture to pursue development

No posts to display