The private investment firm Fortistar has closed on its purchase of Castleton Power, LLC, which is a 72-MW gas-fired combined-cycle power plant located in Castleton-on-Hudson, New York.
Fortistar announced the acquisition in a July 20 news release. No purchase price was revealed. In June, Castleton Power LLC had asked the New York State Public Service Commission to act soon on the proposed deal. The Federal Energy Regulatory Commission (FERC) had already approved the sale.
The General Electric (NYSE:GE) Frame 6 turbine power plant dispatches into the New York ISO (NYISO) Zone F. The seller was Castleton Energy Center, LLC, a portfolio company owned by a private investment fund managed by Wayzata Investment Partners LLC.
Fortistar currently owns and operates two other natural gas-fired combined-cycle plants in New York: the 221-MW Lockport Energy Associates plant in Lockport; and the 55-MW North Tonawanda facility in North Tonawanda.
These projects dispatch into NYISO Zone A. Like the Castleton plant, these two projects are based on the GE Frame 6 turbine. Fortistar also owns a 6-MW landfill gas facility in Albany, NY.
Scotia Capital served as exclusive financial advisor to Castleton Energy Center, LLC.
“This plant is a strategic investment that enhances our diverse energy generation asset portfolio while building on our existing operations in New York State,” said Fortistar CEO Mark Comora. “Plus, local energy generation creates jobs and keeps dollars in the community.”
For more than 30 years as a privately-owned firm, Fortistar has built, invested in and managed an unparalleled portfolio of successful energy generation projects in the U.S. and Canada, the firm said in its news release.
Fortistar companies include TruStar Energy, Primary Energy Recycling, Fortistar Methane Group, Fortistar Biomass Group, ClockIN, and Skyonic.