Calpine completes buy of 745-MW Granite Ridge plant in New Hampshire

Calpine Corp. (NYSE: CPN) said Feb. 5 that it completed the acquisition of Granite Ridge Energy Center, a natural gas-fired, combined-cycle plant located in Londonderry, New Hampshire.

Calpine purchased the plant, which has a nameplate capacity of 745 MW, from Granite Ridge Holdings for $500 million, or approximately $671 per kilowatt, subject to working capital adjustments.

“The addition of Granite Ridge strategically enhances our footprint in New England. Now with approximately 2,000 megawatts of modern gas-fired capability in the region, Calpine is well positioned to provide clean, flexible and reliable energy and capacity to the market,” said Calpine President and Chief Executive Officer Thad Hill.

Granite Ridge is located in the ISO New England region, where tightening market conditions have resulted in capacity revenues that will improve substantially over the next three years, Calpined noted. The power plant, which commenced commercial operation in 2003, features two Siemens 501G combustion turbines, two heat recovery steam generators and one steam turbine.

Calpine’s fleet of 84 power plants in operation or under construction represents more than 27,000 MW of generation capacity. The company specializes in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner.

In other recent news for Calpine:

  • The executive director at the California Energy Commission filed a Jan. 29 memo recommending that Mission Rock Energy Center LLC supply a number of new details before its recent Application for Certification be deemed as complete and ready for processing. Mission Rock wants to construct and operate a power plant in Ventura County. The Mission Rock project is a natural gas-fired facility. Mission Rock would also provide 100 MWhr (25 MW x 4 hours) of battery storage and synchronous condenser clutch technology to provide ancillary and grid reliability services. The five General Electric LM6000 combustion turbine generators would each be capable of generating about 57 MW (gross) at base load. Mission Rock is a unit of Calpine.
  • Calpine on Feb. 1 asked the Public Utility Commission of Texas for approval for its Pasadena Cogeneration LP subsidiary to buy 50% of Cogen, a 750-MW, combined-cycle, gas-fired facility. Currently, 100% of Cogen is owned by Pasadena Statutory Trust out of Connecticut. The trust’s interests are 50% owned by PMCC Pasadena Investment LP and 50% by MetLife Capital Credit LP. The facility is currently leased to and operated by Pasadena Cogeneration, the Calpine subsidiary that now wants to buy 50% of the facility. The Cogen plant is known as the Pasadena Facility and is located in Harris County, Texas, in the Electric Reliability Council of Texas region and interconnecting into the CenterPoint Energy transmission system.
  • Calpine thinks an Entergy request for proposals for new power capacity in Louisiana was improperly skewed to favor Entergy’s own self-build option and that the outright sale of Calpine’s 576-MW Washington Parish Energy Center project to Entergy is a more cost-effective option. Those contentions were outlined in testimony that Calpine filed on Jan. 26 with the Louisiana Public Service Commission that was written by John Dalton, President of consulting firm Power Advisory LLC. In August 2015, subsidiaries of Entergy (NYSE: ETR) applied with the commission for approval of the 980-MW St. Charles Energy Center.
About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.