HALIFAX, Nova Scotia--(BUSINESS WIRE)--
Emera Inc. (TSX:EMA) has entered into an agreement to purchase three
combined-cycle gas-fired electricity generating facilities in New
England from Capital Power Corporation (TSX:CPX). The transaction will
add 1,050 megawatts to Emera’s generation capacity in the northeast, and
represents a total investment of $541 million.
The facilities, all of which are of recent vintage, are Bridgeport
Energy (520 MW) in Bridgeport, Connecticut; Tiverton Power (265 MW) in
Tiverton, Rhode Island; and Rumford Power (265 MW) in Rumford, Maine.
”These are quality assets, in a region Emera knows very well, having
operated in the New England gas and electricity markets for more than a
decade,” said Chris Huskilson, President and Chief Executive Officer of
Emera Inc. “Adding gas generation to our existing generation portfolio
of wind and hydro assets in the northeast has been a strategic objective
for Emera. We are pleased to have acquired these particular assets,
which are highly efficient, well situated, and low emitting, and which
we believe can deliver value to our business.”
Emera plans to finance the purchase with cash and short term credit
resources on closing; and ultimately expects to finance the acquisition
with a combination of debt and equity consistent with maintaining its
strong financial position and existing credit ratings. The transaction
is subject to certain regulatory approvals and is expected to close by
the end of 2013.
“Emera is making this investment for the long term,” said Mr. Huskilson.
“The earnings profile is modest in the early years, but we have acquired
these facilities at a fair price and we expect their value will increase
over time, as we optimize within our portfolio, as older, less efficient
assets in the region are retired, and more intermittent renewable
generation is added to the system.”
Forward Looking Information
This news release contains forward looking information. Actual future
results may differ materially. Additional information related to Emera,
including the company's Annual Information Form, can be found on SEDAR
at www.sedar.com
or on EDGAR at www.sec.gov.
About Emera
Emera Inc. is an energy and services company with $8.0 billion in assets
and 2012 revenues of $2.1 billion. The company invests in electricity
generation, transmission and distribution, as well as gas transmission
and utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation and the
delivery of that clean energy to market. Emera has investments
throughout Northeastern North America, and in three Caribbean countries.
More than 80% of the company's earnings come from regulated investments.
Emera common and preferred shares are listed on the Toronto Stock
Exchange and trade respectively under the symbol EMA, EMA.PR.A.,
EMA.PR.C., and EMA.PR.E. Additional information can be accessed at www.emera.com
or at www.sedar.com.
Emera Inc.
Investor Relations:
Jill MacDonald,
CA, 902-428-6486
Manager, Investor Relations
jill.macdonald@emera.com
or
Media:
Dina
Bartolacci Seely, 902-428-6059
Senior Communications Advisor
dina.bartolacci@emera.com
Source: Emera Inc.