EquiPower Resources Corp. Agrees To Acquire Milford Power
HARTFORD, Conn., Nov. 16, 2010 /PRNewswire/ -- EquiPower Resources Corp. (EquiPower), owned by Energy Capital Partners, announced today that it has entered into an agreement with Milford Holdings, LLC to purchase 100% of the membership interests in Milford Power Company, LLC and 100% of the shares of Milford Holdings Corporation (together, Milford Power). Milford Power owns a 548 megawatt (MW) combined cycle gas turbine (CCGT) power plant commissioned in 2004 and located in Milford, CT. With the acquisition of Milford Power, EquiPower will become the fifth largest generation fleet in New England with approximately 1,800 MW of capacity, consisting exclusively of CCGT power plants.
"We are very excited about adding to our existing fleet one of the finest power plants in New England located in strategically important southwest Connecticut," said Curt Morgan, President and CEO of EquiPower. " Milford Power is a well run facility with state of the art technology that will offer significant synergies and place our portfolio in a premier position," he added.
EquiPower expects to close the acquisition early in the first quarter of 2011 following receipt of all necessary approvals. Barclays Capital acted as financial advisor to EquiPower and Energy Capital Partners.
About EquiPower Resources Corp.EquiPower Resources Corp. is a competitive power generation company with 1,244 MW of combined cycle gas turbine power plants: Lake Road, a 3-unit 812 MW facility commissioned in 2002 and located in Killingly, CT; MASSPOWER, a 2-unit 264 MW facility commissioned in 1993 and located in Indian Orchard, MA; and Dighton, a single unit 168 MW facility commissioned in 1999 and located in Dighton, MA. EquiPower has its headquarters in Hartford, CT. For more information, please visit EquiPower's website at www.eqpwr.com. About Energy Capital Partners Energy Capital Partners (ECP) is a private equity firm focused on investing in the power generation, midstream gas, renewable energy, and electric transmission sectors of North America's energy infrastructure. The firm's management has substantial experience in leading successful energy companies and energy investments. ECP has offices in Short Hills, NJ and San Diego, CA. For more information, please visit ECP's website at www.ecpartners.com. SOURCE EquiPower Resources Corp.
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