Lotus Reaches Agreement to buy Two Power Generating AssetsJuly 12, 2017 in Press Releases
GREENWICH, CT. – July 12. 2017 – Starwood Energy Group Global signed a purchase and sales agreement with Dynegy (NYSE: DYN) for two assets totaling $119 million. The combined 340 MW (year-round average rating) of assets to be sold include two intermediate gas-fueled plants located in Dighton and Milford, Massachusetts.
The agreement fulfills the mitigation plan approved by the Federal Energy Regulatory Commission (FERC) regarding Dynegy’s purchase of ENGIE’s US-based asset portfolio. In its December 22, 2016 order, FERC found competitive concerns with respect to the capacity markets in the ComEd Locational Delivery Area (LDA) in PJM and the Southeastern New England (SENE) capacity zone in ISO-NE. Dynegy submitted a mitigation plan to address FERC’s concerns that called for an agreement to sell capacity in SENE within six months of closing.
The transactions are subject to customary regulatory approvals.