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Veolia seeks to divest ownership of 264-MW gas plant in Massachusetts

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Veolia seeks to divest ownership of 264-MW gas plant in Massachusetts

A little more than a month after it acquired sole ownership of the Kendall Square gas-fired plant in Massachusetts, Veolia Energy North America Holdings Inc. is seeking to divest its full stake.

French asset manager Antin Infrastructure Partners will acquire the plant from Veolia Energy subsidiary Thermal North America Inc., according to an Aug. 14 filing to the Federal Energy Regulatory Commission. Antin Infrastructure's broader acquisition of Thermal North America is valued at $1.25 billion.

Kendall Square, with a roughly 265-MW winter rating, according to the FERC application, is in the ISO New England market. It produced 1,143,603 MWh in 2018 with a capacity factor of 53.88%, according to S&P Global Market Intelligence data. The facility, whose combustion turbine unit began operation in 2002, is operated by Kendall Green Energy LLC.

AIP Project Franklin Bidco is a newly formed limited liability company for the purpose of this transaction. Following the close of the transaction, AIP Project Franklin will merge with and into Thermal North America.

The companies requested FERC approve the transaction by Oct. 14. (FERC docket EC19-121)

Veolia Energy North America Holdings Inc. is a subsidiary of Paris-based utility Veolia Environnement SA.