Capital Power Corp. has signed an agreement to acquire a 50.15 percent ownership interest in the Frederickson 1 Generating Station from Atlantic Power & Utilities for $100 million. The remaining 49.85 percent is owned by Puget Sound Energy (PSE).
Frederickson 1 is a 265-megawatt natural gas–fired, combined-cycle generating facility in Pierce County, Wash. The midlife natural gas asset is strategically located in the growing load center of the Puget Sound Region. It is supported by long-term contracts with credit-worthy counterparties, including Morgan Stanley Capital Group and PSE, and is well positioned for recontracting as a key dispatchable, baseload asset in the region.
The facility sits on 7 acres of land and is adjacent to additional lands owned by Capital Power. The company said adjacent lands provide ample room and infrastructure for future non-emitting, flexible generation developments colocated with the facility.
“We are pleased to acquire this