NextEra Energy and Vistra Energy Corp. are dissolving a partnership that owns two combined-cycle gas-fired plants and divvying up the assets between them.
NextEra and Vistra each own a 50% stake in the 349.4 MW Bellingham Energy Center in Bellingham, Mass., as well as the Sayreville Energy Center, a CCGT with the same capacity, in Sayreville, N.J., through a limited partnership called Northeast Energy.
Under the terms of the proposed deal, the partnership will be ended and NextEra will end up with the Bellingham facility, while Vistra will own Sayreville.
The Bellingham facility is held under a limited partnership called NorthEast Energy Associates (NEA), while the Sayreville facility is held under North Jersey Energy Associates (NJEA).
“Under the Proposed Transaction, Vistra and NextEra seek to rationalize their interests through a multi-step transaction that will result in NJEA becoming an indirect wholly-owned subsidiary of Vistra and NEA becoming an indirect wholly-owned subsidiary of NextEra,” reads a U.S. Federal Energy Regulatory Commission document filed on Jan. 7.
The parties to the deal have requested FERC approval by March 7.
Built by Westinghouse, the CCGTs have been online since 1991. Both are intermediate plants, which means they are dispatched to operate about 16 hours a day based on seasonal demand.
NextEra acquired its stakes in the plants in 1998 and Vistra came to own its stakes twenty years later, in 2018, as part of its acquisition of Dynegy (PFR, 4/10/18). Dynegy had bought stakes in the plants from Engie in 2017, as part of a 9 GW gas and coal-fired portfolio spread across eight U.S. states (PFR, 2/8/17).
Engie, in turn, had initially ended up with the stakes when it bought the plants’ owner — GDF Suez Energy North America — via a joint venture with Energy Capital Partners III in 2016.