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Meldungen 30.01.2008

30.1.2008: Meldung: Calpine Announces Bidding Results for Sale of Power Plant

Calpine Corporation (Pink Sheets: CPNLQ - News) and its affiliated debtors and debtors in possession (collectively, "Calpine") announced today that it has successfully completed a Court-approved bidding process for a partially completed power plant located in Fremont, Ohio (the Fremont Project). Pursuant to a sale auction held Jan. 28, 2008, Calpine received a high bid of $253.6 million from FirstEnergy Generation Corp.

 

The high bid exceeds the initially proposed sale price of $124 million as established by an Asset Purchase Agreement dated Nov. 16, 2007 between Calpine and American Municipal Power -- Ohio, Inc. Calpine will seek final approval for the sale from the U.S. Bankruptcy Court for the Southern District of New York on Jan. 30, with closing anticipated to occur in February 2008.

 

"The Fremont Project was determined to be a non-strategic asset in the context of our successful Chapter 11 restructuring," according to Robert P. May, Calpine"s Chief Executive Officer. "We are extremely pleased with the bidding results for the divestiture of this asset and are now looking ahead to emerging from bankruptcy in the very near future as a stronger and more competitive power company."

 

The Fremont Project is a partially completed natural gas-fueled power plant located in Fremont, (Sandusky County) Ohio. Fremont is a clean and highly efficient combined-cycle generating facility capable of generating 550- megawatts of baseload capacity and up to 700-megawatts of total capacity. Calpine initiated construction activities at the site in 2001 but subsequently placed the project on hold due to adverse market conditions.

 

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient electricity to customers and communities in 18 states in the U.S. The company owns, leases, and operates low-carbon, natural gas-fired, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visitwww.calpine.comfor more information.

 

Source: Calpine Corporation

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