MADISON, Wis., Jan. 2, 2013 /PRNewswire/ -- Wisconsin Power and Light Company (WPL), a subsidiary of Alliant Energy Corporation (NYSE: LNT), has closed on the purchase of Riverside Energy Center, LLC, which owned the Riverside Energy Center. Riverside Energy Center, LLC, was owned by Calpine Corporation (NYSE: CPN) at the time it was purchased by WPL.
"We are very excited to add the Riverside Energy Center into WPL's fleet, and the employees there into our WPL family," said John Larsen, President – WPL. "This purchase is the latest step in the execution of our strategy to balance our generation portfolio in order to manage costs for our customers while remaining flexible for the future."
"This transaction furthers strategic objectives for Calpine as well as WPL, a longtime partner and valued customer. For Calpine, divesting the Riverside plant allows us to redeploy capital in a way that will enhance long-term value for our shareholders," said Calpine's Chief Executive Officer Jack Fusco. "We are also gratified that the dedicated employees at Riverside will continue to maintain the plant's operational excellence working for WPL."
The purchase price was approximately $400 million.
The Riverside Energy Center is a 600MW combined cycle natural gas-fired electric generating facility located in Beloit, Wisconsin. It began operation in 2004 and WPL previously purchased approximately 500MW of capacity from the facility.
Wisconsin Power and Light Company (WPL), based in Madison, Wis., provides electric service to approximately 459,000 customers and natural gas service to approximately 180,000 customers in more than 600 communities across central and southern Wisconsin. WPL is committed to providing the energy and exceptional service its customers and communities expect – safely, reliably, and affordably. WPL is a subsidiary of Alliant Energy Corporation, for more information, visit alliantenergy.com or call 1-800-ALLIANT (800-255-4268).
Calpine Corporation generates more electricity than any other independent power producer in America, with a fleet of 92 power plants in operation or under construction, representing more than 27,000 megawatts of generation capacity. Serving customers in 20 states and Canada, we specialize in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, stricter environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. We focus on wholesale competitive power markets and advocate for market-driven solutions that result in nondiscriminatory forward price signals for investors. Please visit www.calpine.com to learn more about why Calpine is a generation ahead – today.
SOURCE Wisconsin Power and Light Company