Readers could have seen your ad here when reading this story. Email retailenergyx@gmail.com
       Events        Jobs        Contact        Migration Stats        Supplier Lists        Municipal Aggregation

FirstEnergy Generation Names Stalking Horse Bidder For West Lorain Power Plant

November 21,2018



FirstEnergy Generation, LLC announced that it has agreed to sell its West Lorain Facility and related assets to Vermillion Power, LLC, an affiliate of Starwood Energy Group Global, LLC ("Starwood"), for a purchase price of $144 million in cash plus customary closing adjustments.

The West Lorain Facility is a 545 MW, periodic-start, combustion-turbine generation station located on 500 acres in Lorain, Ohio near Lake Erie. The West Lorain Facility was constructed in 1973 as a combined-cycle electric generating system with two combustion turbines (Units 1A and 1B), two heat recovery steam generators, and a steam turbine generator. In 2001, five additional combustion turbines were installed (Units 2–6) and placed in operation. The plant currently operates on fuel oil, but is also capable of operating on natural gas.

The sale will be accomplished pursuant to a court-supervised bankruptcy auction process in order to maximize the value of the assets being sold. FirstEnergy Generation has filed a motion with the Bankruptcy Court overseeing its chapter 11 cases for approval of auction and bid procedures that will permit other interested parties to submit competitive bids for the West Lorain Facility and related assets. In the event that no higher or better bids are received by FirstEnergy Generation, Starwood will acquire the business, subject to the satisfaction of customary conditions to closing.

The sale is subject to receipt of customary approvals, including approval of the Federal Energy Regulatory Commission and Hart-Scott-Rodino. If approved, the companies expect to close the transaction in the first half of 2019.

Tags:
M&A   Starwood Energy Group   FirstEnergy Generation   FirstEnergy  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
Business-Development-Manager -- Retail Supplier -- Texas - Houston
Business-Development-Manager -- Agent, Broker, Consultant -- New Jersey
Energy-Sales-Broker -- Agent, Broker, Consultant -- Pennsylvania
Retail-Energy-Channel-Manager -- Retail Supplier -- New York
Chief-Operating-Officer -- Retail Supplier -- New York


More Stories on RetailEnergyX.com:
Duke Energy To Sell Minority Interest In Its Commercial Renewable Energy Portfolio To John Hancock
Centrica-Backed IoT Platform Acquires Home Energy Management Service Provider
Buffett Says Berkshire Hathaway Not In Talks To Buy Pacific Gas & Electric
FirstEnergy Reports Earnings
AEP Competitive Sub. Completes Purchase Of Wind Assets From Sempra


comments powered by Disqus







Advertise here:
Email retailenergyx@gmail.com


Events Jobs Contact Migration Stats Supplier Lists Municipal Aggregation

About Disclaimer Privacy Terms of Service

Home


Developed by: Avidweb Technologies inc.