Date: July 20, 2016
Source: Fortistar
Fortistar (White Plains, NY) signed a deal to buy Castleton Power, LLC, owner of a 72 megawatt (MW) gas-fired combined cycle power plant located in Castleton-on-Hudson, NY. 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. "This plant is a strategic investment that enhances our diverse energy generation asset portfolio while building on our existing operations in New York State," said Mark Comora, CEO of Fortistar. Fortistar has developed, invested in and managed a portfolio of successful lower carbon energy initiatives throughout the US and Canada, including cogeneration facilities; compressed natural gas fueling stations; landfill power plants; and biomass facilities.
PRESS RELEASE
July 20, 2016
Fortistar Signs Purchase Agreement for Castleton Power Plant in New York
Gas-Fired Combined Cycle Power Plant is the Third in the State Owned by the Firm
Fortistar announced today 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), to acquire Castleton Power, LLC, owner of a 72 megawatt (MW) gas-fired combined cycle power plant located in Castleton-on-Hudson, NY. The General Electric (GE) Frame 6 turbine power plant dispatches into the 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, NY.
"This plant is a strategic investment that enhances our diverse energy generation asset portfolio while building on our existing operations in New York State," said Mark Comora, CEO of Fortistar. "Plus, local energy generation creates jobs and keeps dollars in the community."
For more than 30 years as a privately-owned firm, Fortistar has built, invested in and managed an unparalleled portfolio of successful energy generation projects in the U.S. and Canada. Fortistar's ability to forge strong relationships with partners and local communities has been a hallmark of the company's success.
Scotia Capital served as exclusive financial advisor to Castleton Energy Center, LLC.
ABOUT FORTISTAR
Headquartered in White Plains, New York, Fortistar is an opportunity-oriented, astute private investment and energy asset management firm that is distinguished by its experienced people with a deep understanding of energy operations, financing and development. Fortistar owns and operates lower carbon energy generating assets that support the transition to a low carbon economy.
For decades, the company has developed, invested in and managed an unparalleled portfolio of successful lower carbon energy initiatives in the United States and Canada, including cogeneration facilities; compressed natural gas fueling stations; landfill power plants; and biomass facilities.
Fortistar attributes its success to taking a long-term perspective of energy projects as well as having strong relationships with partners and local communities.
Fortistar companies include TruStar Energy, Primary Energy Recycling, Fortistar Methane Group, Fortistar Biomass Group, and Skyonic.
For more information, please visit www.fortistar.com.
Contacts:
Makovsky
Andy Beck, 202-587-5634
abeck@makovsky.com.
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