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Eversource (PSNH) Announces Buyers For Utility Power Plants, Sale Price

October 12, 2017

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Copyright 2010-17
Reporting by Paul Ring •

Eversource New Hampshire (Public Service Company of New Hampshire) announced the selection of a buyer for the sale of its utility-owned generation

Eversource's three large fossil generation facilities and two remote combustion turbines will be purchased by Granite Shore Power LLC, a newly-formed 50-50 partnership between Atlas Holdings of Greenwich, CT and Castleton Commodities International (CCI) of Stamford, CT for a price of $175 million.

The company's nine hydroelectric facilities will be acquired by Hull Street Energy, LLC and affiliates ("Hull Street Energy"), an electric industry-focused private equity firm based in Bethesda, MD, for $83 million.

Closings on the transactions are expected by late December or early 2018

As part of the proposed purchase agreements, the new owners must keep the plants in service for at least 18 months

Once the sales, which are subject to PUC approval, are finished, PSNH will move to a competitively procured default service, similar to the other EDCs in the state

Consistent with the 2015 settlement agreement, Eversource agrees to forego recovery of $25 million related to the Merrimack Station emission reduction 'scrubber,' and from the financing of stranded costs remaining after the sales through the use of securitization bonds.

Info on the plants is as follows:


Fossil Assets - 1,130.1 MW total nameplate capacity:

* Merrimack Station, Bow; Coal/oil; 502.0 total megawatts (MW)

* Newington Station, Newington; Oil and/or natural gas; 416.0 MW

* Schiller Station, Portsmouth; Coal/oil/biomass; 171.7 total MW

* Lost Nation, Groveton; Oil; 18.0 MW

* White Lake, Tamworth; Jet fuel; 22.4 MW


Hydro Assets - 68.2 MW total nameplate capacity:

* Amoskeag Hydro, Manchester; 16.0 MW

* Ayers Island, Bristol; 8.4 MW

* Canaan Hydro, West Stewartstown; 1.1 MW

* Eastman Falls, Franklin; 6.4 MW

* Garvins Falls, Bow; 12.1 MW

* Gorham Hydro, Gorham; 2.2 MW

* Hooksett Hydro, Hooksett; 1.6 MW

* Jackman Hydro, Hillsborough; 3.2 MW

* Smith Hydro, Berlin; 17.2 MW

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