Emera Inc. (TSX:EMA) today announced the transaction to purchase three
combined-cycle natural gas-fired electricity generating facilities in
New England from Capital Power Corporation (TSX:CPX) has successfully
closed.
“Adding gas generation to our existing portfolio in New England has been
a strategic objective for Emera,” said Chris Huskilson, President and
Chief Executive Officer of Emera Inc. “We are looking forward to
applying our skills, expertise and knowledge of the New England natural
gas and electricity markets to these high quality assets”.
The purchase was announced in August 2013. The plants add a total 1,050
megawatts to Emera’s existing generation capacity in northeast North
America. The facilities are Bridgeport Energy (520 MW) in Bridgeport,
Connecticut, Tiverton Power (265 MW) in Tiverton, Rhode Island, and
Rumford Power (265 MW) in Rumford, Maine. The purchase price was USD
$541 million.
Emera recently received repayment of its USD $150 million loan to
Northeast Wind Partners, which was facilitated by the recent refinancing
of that entity’s indebtedness. These funds, together with a newly
established one year $350 million non-revolving credit facility and
other cash resources on hand, were used to finance the closing. During
the first half of 2014, Emera expects to finance the assets with
long-term, entity level debt in the range of 50% of the purchase price.
Forward Looking Information
This news release contains forward looking information. Actual future
results may differ materially. Additional information related to Emera,
including the company's Annual Information Form, can be found on SEDAR
at www.sedar.com.
About Emera
Emera Inc. is an energy and services company with $8.0 billion in assets
and 2012 revenues of $2.1 billion. The company invests in electricity
generation, transmission and distribution, as well as gas transmission
and utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation and the
delivery of that clean energy to market. Emera has investments
throughout Northeastern North America, and in four Caribbean countries.
More than 80% of the company's earnings come from regulated investments.
Emera common and preferred shares are listed on the Toronto Stock
Exchange and trade respectively under the symbol EMA, EMA.PR.A.,
EMA.PR.C., and EMA.PR.E. Additional information can be accessed at www.emera.com
or at www.sedar.com.
Copyright Business Wire 2013