|
|
|
|
|
Parent Of Retail Supplier To Acquire Power Plant In ISO-NE
The following story is brought free of charge to readers by VertexOne, the exclusive EDI provider of EnergyChoiceMatters.com
Shell Energy North America (US), L.P. (SENA) has signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island.
RISEC is currently 51% owned by funds managed by global investment firm Carlyle. The remaining 49% of RISEC is currently owned by EGCO RISEC II, LLC, a subsidiary of Electricity Generating Public Company Limited (EGCO), a Thai public limited company. Following the transaction, RISEC will be wholly owned by Shell
"This acquisition secures long-term supply and capacity offtake for Shell in the deregulated Independent System Operator New England (ISO New England) power market, where SENA has held a contract with RISEC under an energy conversion agreement for 100% of the plant’s energy offtake since 2019," Shell said
"Shell has had a successful integrated gas and power business in the growing ISO New England market for over 20 years, and this acquisition secures valuable trading opportunities by guaranteeing SENA’s position in the market," said Huibert Vigeveno, Shell Downstream, Renewables & Energy Solutions Director.
The acquisition will be absorbed within Shell’s cash capital expenditure guidance, which remains unchanged.
"The acquisition is projected to generate an internal rate of return (IRR) well in excess of the hurdle rate set for Shell’s Power business," Shell said
The transaction is subject to regulatory approvals and is expected to close in Q1 2025.
ADVERTISEMENT ADVERTISEMENT Copyright 2024 EnergyChoiceMatters.com. Unauthorized copying, retransmission, or republication
prohibited. You are not permitted to copy any work or text of EnergyChoiceMatters.com without the separate and express written consent of EnergyChoiceMatters.com
October 24, 2024
Email This Story
Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
NEW Jobs on RetailEnergyJobs.com:
• NEW! -- Director of Policy and Research, Retail Energy
• NEW! -- Director, Load Forecasting
-- Retail Supplier
• NEW! -- Wholesale Markets Analyst -- Retail Supplier
• NEW! -- Origination Analyst
-- Retail Supplier
• NEW! -- Settlements Analyst
-- Retail Supplier
• NEW! -- Billing Supervisor
|
|
|
|
|