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September 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Starwood Energy acquiring two combined-cycle plants for $1.23B

The Fairless combined-cycle power plant in Pennsylvania. Photo courtesy of Dominon Energy’s website.

Greenwich-based Starwood Energy Group Global LLC has signed a $1.23 billion deal to acquire a pair of combined-cycle gas turbine (CCGT) power plants totaling 1,708 MW from Dominion Energy.

Starwood will take ownership of the 1,240 MW Fairless Power Station located 25 miles outside of Philadelphia in Fairless Hills, Pennsylvania, and the 468 MW Manchester Street Power Station located in Providence, Rhode Island. Both plants are based in regional transmission organizations that provide a forward capacity market for electric generation assets.

“The acquisition of the Fairless and Manchester facilities is consistent with our strategy of buying or building core infrastructure assets in attractive locations close to customer demand,” said Himanshu Saxena, CEO of Starwood Energy. “We welcome the plant employees and look forward to working with local communities as we own and operate these high-quality assets.”

Starwood expects the acquisition, which is subject to customary regulatory approvals, to close by the end of the year.