An investment bank representing the owner of a portfolio of three merchant combined-cycle gas-fired projects in New England has taken bids from potential buyers.
The plants on the block are the 520 MW Bridgeport facility in Bridgeport, Conn., the 265 MW Rumford project in Rumford, Maine, and the 265 MW Tiverton plant in Tiverton, R.I.
JP Morgan is running the sale process for the 1,050 MW portfolio on behalf of Emera Energy and took bids for the assets today, say deal watchers.
The seller is expected to select a buyer by the end of the week, says a project finance banker, who adds that potential buyers are putting together between $400 million and $600 million in acquisition financing.
Emera paid Capital Power $541 million for the portfolio in 2013 (PFR, 8/28/13).
Representatives of Emera in Halifax, Nova Scotia, declined to comment on the sale process and spokespeople for JP Morgan in New York did not immediately respond to an inquiry.