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Calpine Corporation Secures Granite Ridge Energy Center In Londonderry, New Hampshire

02/05/2016
Calpine Corporation completed acquisition of Granite Ridge Energy Center, a natural gas-fired, combined-cycle power plant located in Londonderry, New Hampshire, approximately 45 miles northwest of Boston.

According to the firm, Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Our fleet of 84 power plants in operation or under construction represents more than 27,000 megawatts of generation capacity. Through wholesale power operations and our retail business, Champion Energy, we serve customers in 20 states and Canada.

Calpine purchased the plant, which has a nameplate generating capacity of 745 megawatts, from Granite Ridge Holdings for $500 million, or approximately $671 per kilowatt, subject to working capital adjustments.

“The addition of Granite Ridge strategically enhances our footprint in New England. Now with approximately 2,000 megawatts of modern gas-fired capability in the region, Calpine is well positioned to provide clean, flexible and reliable energy and capacity to the market,” said Calpine’s President and Chief Executive Officer Thad Hill. “I am also pleased to welcome the capable and dedicated employees at Granite Ridge to the Calpine team.”

Granite Ridge is located in ISO-New England, where tightening market conditions have resulted in capacity revenues that will improve substantially over the next three years, company officials said. The power plant, which commenced commercial operation in 2003, features two Siemens 501G combustion turbines, two heat recovery steam generators and one steam.
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