Fortistar, which manages a network of power generation projects in the United States and Canada, has recently announced that it has signed a purchase and sale agreement with Castleton Energy Center LLC, a portfolio company owned by a private investment fund managed by Wayzata Investment Partners LLC.
Under the terms of the agreement Fortistar will acquire Castleton Power LLC, the special purpose vehicle owner of the 72 MW gas-fired combined cycle power plant located in Castleton-on-Hudson, New York. The power plant uses General Electric (GE) Frame 6 turbine. The plant dispatches into the New York Independent System Operator (NYISO) Zone F.
Fortistar already owns and operates two other natural gas combined cycle plants in New York: the 221 MW Lockport Energy Associates plant in Lockport; and the 55 MW North Tonawanda facility in North Tonawanda. These projects dispatch into NYISO Zone A. Like the Castleton plant, these two projects are based on the GE Frame 6 turbine. Fortistar also owns a 6 MW landfill gas facility in Albany.
Scotia Capital served as exclusive financial advisor to Castleton Energy Center, LLC.
Mark Comora, CEO of Fortistar, said:
"This plant is a strategic investment that enhances our diverse energy generation asset portfolio while building on our existing operations in New York State. Plus, local energy generation creates jobs and keeps dollars in the community.”