Dominion Energy sells stakes in gas-fired and hydropower assets

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Dominion Energy has announced that it has executed definitive agreements to divest its interests in three merchant electric generation assets located in the USA for total proceeds of US$1.32 billion. The interests being sold in two separate transactions include:

  • 100% interest in the Fairless Power Station, a 1,240 MW combined-cycle gas turbine located in Pennsylvania;
  • 100% interest in the Manchester Street Power Station, a 468 MW combined-cycle gas turbine located in Rhode Island; and
  • 25% interest in the Catalyst Old River Hydroelectric Limited Partnership, which owns a 192 MW hydroelectric generating station in Louisiana.

Fairless and Manchester are being sold to an affiliate of Starwood Energy for cash consideration of approximately US$1.23 billion, which includes no working capital.  The sale will require the approval of the Federal Energy Regulatory Commission and Hart-Scott-Rodino antitrust clearance. 

The partial interest in Catalyst Old River Hydroelectric is being sold for cash consideration of approximately US$90 million.

Both transactions are expected to close by year-end 2018. Citi and J.P. Morgan are serving as financial advisers to Dominion Energy in regard to the transaction with Starwood Energy. McGuireWoods LLP is serving as the company's legal counsel for both transactions.

List of the country updates

Country updates

  • September 21, 2018

    sPower closes US$500 million refinancing

    sPower has announced that it recently closed a US$498.7 million investment grade private placement financing. The financed portfolio represents approximately half of sPower’s 1.3 GW of...

    Read more
  • September 20, 2018

    KDC Solar starts construction of 23.5 MW solar project at US theme park

    KDC Solar LLC has announced that it has begun construction on a 23.5 MW solar photovoltaic system in Jackson, New Jersey. This system will supply Six Flags Great Adventure with clean renewab...

    Read more
  • September 20, 2018

    Vestas to supply and install turbines for 158 MW wind project in the USA

    Vestas has received an order for 144 MW of V136-3.45 MW turbines delivered in 3.6 MW Power Optimised Mode from Avangrid Renewables for the Otter Creek Wind Farm in Illinois, located in the Midwestern...

    Read more
  • September 20, 2018

    Sungevity agrees to acquire EGear, Hawaii Energy Connection

    Sungevity has agreed to acquire the EGear and Hawaii Energy Connection, leaders in Hawaii's advanced solar, storage and grid services market.  Sungevity will now be among the large...

    Read more
  • September 20, 2018

    Atlantic Power signs an agreement to acquire Allendale and Dorchester biomass project from EDF Renewables

    Atlantic Power Corporation has signed an agreement with EDF Renewables to acquire two biomass projects in South Carolina for USD13 million. The two projects are the Allendale and D...

    Read more

Share this update