Press release from Business Wire
Emera Inc. Completes Acquisition of New England Natural Gas Generating Facilities
Tuesday, November 19, 2013
Emera Inc. Completes Acquisition of New England Natural Gas Generating Facilities12:00 EST Tuesday, November 19, 2013
HALIFAX, Nova Scotia (Business Wire) -- Emera Inc. (TSX:EMA) today announced the transaction to purchase three combined-cycle natural gas-fired electricity generating facilities in New England from Capital Power Corporation (TSX:CPX) has successfully closed.
“Adding gas generation to our existing portfolio in New England has been a strategic objective for Emera,” said Chris Huskilson, President and Chief Executive Officer of Emera Inc. “We are looking forward to applying our skills, expertise and knowledge of the New England natural gas and electricity markets to these high quality assets”.
The purchase was announced in August 2013. The plants add a total 1,050 megawatts to Emera's existing generation capacity in northeast North America. The facilities are Bridgeport Energy (520 MW) in Bridgeport, Connecticut, Tiverton Power (265 MW) in Tiverton, Rhode Island, and Rumford Power (265 MW) in Rumford, Maine. The purchase price was USD $541 million.
Emera recently received repayment of its USD $150 million loan to Northeast Wind Partners, which was facilitated by the recent refinancing of that entity's indebtedness. These funds, together with a newly established one year $350 million non-revolving credit facility and other cash resources on hand, were used to finance the closing. During the first half of 2014, Emera expects to finance the assets with long-term, entity level debt in the range of 50% of the purchase price.
Forward Looking Information
This news release contains forward looking information. Actual future results may differ materially. Additional information related to Emera, including the company's Annual Information Form, can be found on SEDAR at www.sedar.com.
Emera Inc. is an energy and services company with $8.0 billion in assets and 2012 revenues of $2.1 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has investments throughout Northeastern North America, and in four Caribbean countries. More than 80% of the company's earnings come from regulated investments. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A., EMA.PR.C., and EMA.PR.E. Additional information can be accessed at www.emera.com or at www.sedar.com.
Jill Hennigar, CA, Manager, Investor Relations
Dina Bartolacci Seely, Senior Communications Advisor