IPPs revisit synergies, cost cuts as sector M&A looms
The allure of synergies and cost cuts is heightening an atmosphere within the competitive power sector where a round of large company transactions feels increasingly imminent. Recent attention paid to the sector rests squarely on unconfirmed reports around a private takeout of Calpine Corp., a takeover bid made by Vistra Energy Corp. to Dynegy Inc. and an ongoing strategic review at NRG Energy Inc., which collectively could see the sector consolidate or lean toward sales through year end.
TransCanada closes sale of Northeast merchant portfolio
TransCanada Corp. completed the divestiture of all of its remaining merchant generation power assets totaling 4,000 MW in the U.S. Northeast to an LS Power Equity Advisors LLC affiliate in a deal valued at about $2.1 billion, including a price adjustment prompted by an unplanned outage at the Ravenswood facility.
Eversource enters 'lower risk' business with unconventional water deal
Some Wall Street analysts were admittedly left scratching their heads over Eversource Energy's proposed $1.68 billion purchase of New England's largest private water company, but agree the move makes strategic sense. Eversource on June 2 announced that it agreed to acquire Aquarion Water Co. from a partnership led by Macquarie Infrastructure Partners.
Tenaska Energy affiliates to become sole owner of 150-MW Calif. solar facility
Affiliates of Tenaska Energy Inc. received approval from the Federal Energy Regulatory Commission to become sole owners of the 150-MW Imperial Solar Energy Center in California. The two affiliates currently own about 60.4% stake in the facility, which holds a 25-year power purchase agreement with Sempra Energy subsidiary San Diego Gas & Electric Co.
Itron closes acquisition of Comverge
Itron Inc. on June 1 announced that it has closed its acquisition of Comverge Inc. and its parent company Peak Holding Corp. under a deal valued at about $100 million. Through the combined technologies of Itron and Comverge, price signals may be sent to consumers in real time and demand charge management may be enabled with real-time alerts and automated load control.
Babcock & Wilcox wins FERC approval to sell 55-MW Pa. coal-fired facility
Babcock & Wilcox Enterprises Inc. on June 2 received approval from the Federal Energy Regulatory Commission to sell its 100% stake in the 55-MW Ebensburg power facility to Ebensburg Generation LLC and Revloc Reclamation Service Inc. The cogeneration plant burns waste coal to produce steam and electricity.
SPI Energy to sell 4.5-MW solar project to Capital Stage
SPI Energy Co. Ltd. subsidiary SPI China (HK) Ltd. has agreed to sell the 4.5-MW Todderstaffe solar farm in the United Kingdom to Capital Stage AG. Construction of the project began in January and was completed by the end of March.
Verengo to acquire US Gas & Electric
Verengo Inc. requested the Federal Energy Regulatory Commission to approve the acquisition of a 100% equity stake in Florida-based U.S. Gas & Electric Inc. for an undisclosed sum. MVC Capital Inc. owns approximately 76% of the equity in U.S. Gas & Electric with the remaining 24% stake held by a group of individuals. At closing, U.S. Gas & Electric will become a subsidiary of Verengo.