The private equity parent of Hartford-based Equipower said it expects to sell 10 power plants — including two in Connecticut — to a Houston operator for $3.45 billion by the first quarter of 2015.
First announced in August, the deal between seller Energy Capital Partners and buyer Dynegy Inc. includes the 812-megawatt Lake Road natural gas plant in Killingly and the 555-megawatt Milford Power natural gas plant in Milford, acquired by Equipower in 2010.
The deal also includes the coal-fired Brayton Point Power Station in Massachusetts, which is slated to close, as well as Masspower in Springfield, and plants in Pennsylvania, Ohio and Illinois.
In a filing Tuesday related to the pending acquisition, Dynegy said the plants’ combined revenue for the nine months ended Sept. 30 was $1.13 billion, with net income of $106.5 million.
Equipower is a wholesale provider of power to utilities, electric system operators such as ISO New England, companies, retail providers and municipalities. The company has said that the deal gives it “considerable scale” in the New England market and that it intends to honor existing collective bargaining agreements.
Dynegy is also paying $2.8 billion to buy 10 Midwestern plants from Duke Energy.
Both deals need approval from the Federal Regulatory Commission.
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