Starwood Energy To Acquire Two Combined-Cycle Plants From Dominion Energy
GREENWICH, Conn., Sept. 24, 2018 /PRNewswire/ — Starwood Energy Group Global, LLC, a leading private investment firm focused on energy infrastructure, announced today that it has signed an agreement to buy a 100 percent interest in two combined-cycle gas turbine (“CCGT”) plants totaling 1,708 MW from Dominion Energy (NYSE 😀 ) for approximately $1.23 billion. The two assets are comprised of the 1,240 MW Fairless Power Station (“Fairless”) located in Pennsylvania, and the 468 MW Manchester Street Power Station (“Manchester”) located in Rhode Island. The transaction is subject to customary regulatory approvals and is expected to close by the end of 2018.
Fairless, which was constructed in 2004, is a highly efficient natural gas fired power plant, located 25 miles outside of Philadelphia in Fairless Hills, PA, within the EMAAC zone of PJM. Manchester, located in Providence, RI, was repowered as a CCGT in 1995 and dispatches into the SENE zone of ISO-NE.
