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Rockland Capital Terminates Agreement to Purchase Generation in ISO-NE due to FERC Inquiry into Plants' Present Owner
Maxim Power Corp. announced today that Patriot Power Holdings, LLC, an affiliate of Rockland Capital, has issued a notice to Maxim to terminate the agreement to purchase 100% of Maxim's ownership interest in Maxim Power (USA), Inc. due to an outstanding regulatory inquiry by the Federal Energy Regulatory Commission (FERC).
Maxim had previously entered into an agreement on August 5, 2013 to sell its interest in Maxim Power (USA), Inc. to Patriot, subject to regulatory approvals and certain closing conditions.
Maxim Power USA owns and operates Maxim's five natural gas-fired electric generation facilities in the United States. These facilities have an aggregate generating capacity of 446 megawatts and are located in New Jersey, Connecticut, Rhode Island, Massachusetts and Montana.
Maxim said that it is responding to a FERC inquiry related to its offers to supply electricity to the ISO New England market. "This process is continuing and MAXIM is fully cooperating with FERC. No formal proceedings or claims have been commenced against MAXIM and MAXIM is uncertain as to the timing and outcome of this process," Maxim said.
Maxim is reviewing its position with respect to the notice of termination and the sale of Maxim Power (USA), Inc.. Maxim will also re-evaluate the ISO New England market as part of its strategic review considering tightening supply demand fundamentals and their potential positive impact on forward capacity prices and thus related asset valuations
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December 4, 2013
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Reporting by Paul Ring • ring@energychoicematters.com
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