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Constellation BostonGen acquisition closes after regulatory approvals, a Chapter 11 Section 363 sale of five New England power plants totaling 2,950 megawatts, mostly natural gas units including Mystic 8 and 9 and Fore River.
Top Insights
An approved Section 363 Chapter 11 sale where Constellation acquired BostonGen's 2,950 MW New England power plants.
- Five Boston-area plants totaling 2,950 MW transferred.
- Includes Mystic 8 and 9 (1,580 MW) and Fore River (787 MW).
- Mystic 7 (574 MW) and fuel oil Mystic Jet (9 MW) included.
- Sale approved under Section 363 in Chapter 11.
EBG Holdings, the parent of Boston Generating, LLC BostonGen announced that the Federal Energy Regulatory Commission FERC issued an order recently approving the sale of the Company’s assets to Constellation Energy for approximately $1.1 billion.
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 BostonGen’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 Company’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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