Emera has agreed to sell its three natural gas-fired generation facilities in New England, known as Bridgeport Energy, Tiverton Power and Rumford Power, to an affiliate of The Carlyle Group for $590 million. Together, the facilities have the capacity to generate approximately 1,100 megawatts.
“This transaction, part of the three-year funding plan we introduced during our third quarter earnings results, increases Emera’s financing flexibility to capitalize on our regulated growth opportunities today and in the future,” said Scott Balfour, president & CEO of Emera.
Cogentrix, The Carlyle Group’s management platform in the power generation space, will assume asset management, operations, and maintenance and energy management responsibilities for the portfolio. Cogentrix currently manages Carlyle Power Partners’ fleet of power plants in the Northeast U.S. totaling approximately 1,400 megawatts and will bring its management best practices to the portfolio.
The transaction is expected to close in first quarter 2019.
J.P. Morgan served as Emera’s financial adviser on the transaction.
