FERC approves BostonGen sale
All necessary regulatory approvals required for completion of the transaction have been issued and the closing of the sale has now occurred.
Under terms of the agreement, Constellation acquired BostonGenÂ’s five power plants located in the Boston area: four natural gas fired plants, including Mystic 8 and 9 1,580 megawatts, Fore River 787 megawatts, Mystic 7 574 megawatts and a fuel oil plant, Mystic Jet 9 megawatts.
As part of its Chapter 11 sale process previously announced on August 18, 2010, BostonGen entered into an asset purchase agreement with "stalking horse" bidder Constellation for the 2,950 MW fleet, the third largest power generating portfolio in the New England region. On November 24, 2010 Judge Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New York approved the sale of the CompanyÂ’s assets under Section 363 of the United States Bankruptcy code to Constellation.
“The completion of the sale of the assets to Constellation brings us one step closer to closure in the BostonGen bankruptcy proceedings,” Said Mark Sudbey, Chief Executive Officer of US Power Generating Company, EBG Holdings’ parent company.
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GLASGOW - Neart Na Gaoithe (NnG) Offshore Wind Farm, owned by EDF Renewables and Irish firm ESB, stopped construction in March.
Project boss Matthias Haag announced last night the 54-turbine wind farm would restart construction this week.
Located off Scotland’s east coast, it was awarded a Contract for Difference (CfD) in 2015 and will look to generate enough energy to power 375,000 homes.
It is expected to create around 500 jobs while also delivering £540 million to the local economy.
Mr Haag, NnG project director, said the wind farm build would resume with a small, staggered workforce return in line social distancing rules.
He added:…
