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5.9.2003: Meldung: Calpine Corp.: Sale of Partial Interest in 150-Megawatt Power Plant
Calpine Sells Partial Interest in 150-Megawatt Auburndale Power Plant
SAN JOSE, Calif., Sept. 3 / Calpine Corporation (NYSE: CPN - News) today announced that it has completed the sale of a 70-percent interest in its Auburndale Power Plant to Pomifer Power Funding, LLC, a subsidiary of ArcLight Energy Partners Fund I, L.P. (ArcLight) for $86 million in cash. Calpine will hold the remaining interest in the facility and will continue to provide operations and maintenance services. The 150-megawatt, natural gas-fired cogeneration facility is located in Auburndale, Fla. approximately 50 miles east of Tampa. This sale represents another planned liquidity-enhancing transaction involving Calpine"s Qualifying Facilities. With the Auburndale sale, Calpine has completed or announced nearly $2 billion of liquidity-enhancing transactions this year."The Auburndale transaction enhances Calpine"s liquidity while sustaining the company"s long-term commitment to provide clean, reliable electricity to Florida power customers. ArcLight and Calpine both benefit from co-owning a strong operating facility with an attractive, long-term source of cash flow," said Calpine Senior Vice President Carolyn Marsh.
The Auburndale Power Plant entered commercial operation in 1994. Calpine acquired a 50-percent share of the energy center in 1997 and the remaining interest in 2000. Calpine sells the majority of the facility"s electricity output to Florida Power Corporation under a long-term power purchase contract that expires in 2013. As a cogeneration facility, it also sells approximately 190,000 pounds of steam per hour to Florida Distillers and Cutrale Citrus Juices under long-term contracts that expire in 2009 and 2013, respectively.
In addition to maintaining an ownership interest in and managing operations of the Auburndale cogeneration facility, Calpine will continue to help meet Florida"s electricity demand through its Auburndale Peaking unit, which entered commercial operation in August 2002, and its Osprey Energy Center, a 590-megawatt combined-cycle generating facility currently under construction. Upon completion of the Osprey Energy Center in 2004, Calpine will supply power to Seminole Electric Cooperative under a 20-year power sales agreement. Both facilities are fueled by clean natural gas and are located at Calpine"s Auburndale, Fla. energy campus.
Calpine Corporation is a leading North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 22 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world"s largest producer of renewable geothermal energy, and it owns approximately one trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit www.calpine.com.
Source: Calpine Corporation
SAN JOSE, Calif., Sept. 3 / Calpine Corporation (NYSE: CPN - News) today announced that it has completed the sale of a 70-percent interest in its Auburndale Power Plant to Pomifer Power Funding, LLC, a subsidiary of ArcLight Energy Partners Fund I, L.P. (ArcLight) for $86 million in cash. Calpine will hold the remaining interest in the facility and will continue to provide operations and maintenance services. The 150-megawatt, natural gas-fired cogeneration facility is located in Auburndale, Fla. approximately 50 miles east of Tampa. This sale represents another planned liquidity-enhancing transaction involving Calpine"s Qualifying Facilities. With the Auburndale sale, Calpine has completed or announced nearly $2 billion of liquidity-enhancing transactions this year."The Auburndale transaction enhances Calpine"s liquidity while sustaining the company"s long-term commitment to provide clean, reliable electricity to Florida power customers. ArcLight and Calpine both benefit from co-owning a strong operating facility with an attractive, long-term source of cash flow," said Calpine Senior Vice President Carolyn Marsh.
The Auburndale Power Plant entered commercial operation in 1994. Calpine acquired a 50-percent share of the energy center in 1997 and the remaining interest in 2000. Calpine sells the majority of the facility"s electricity output to Florida Power Corporation under a long-term power purchase contract that expires in 2013. As a cogeneration facility, it also sells approximately 190,000 pounds of steam per hour to Florida Distillers and Cutrale Citrus Juices under long-term contracts that expire in 2009 and 2013, respectively.
In addition to maintaining an ownership interest in and managing operations of the Auburndale cogeneration facility, Calpine will continue to help meet Florida"s electricity demand through its Auburndale Peaking unit, which entered commercial operation in August 2002, and its Osprey Energy Center, a 590-megawatt combined-cycle generating facility currently under construction. Upon completion of the Osprey Energy Center in 2004, Calpine will supply power to Seminole Electric Cooperative under a 20-year power sales agreement. Both facilities are fueled by clean natural gas and are located at Calpine"s Auburndale, Fla. energy campus.
Calpine Corporation is a leading North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 22 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world"s largest producer of renewable geothermal energy, and it owns approximately one trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit www.calpine.com.
Source: Calpine Corporation