PowerTransitions has completed the acquisition of five natural gas-fired electricity generation facilities in New York with a combined capacity of 323 megawatts.
The acquired facilities are Hillburn, Shoemaker, Massena, Batavia and Sterling. Financial terms of the transaction were not disclosed.
The plants have operated within the New York Independent System Operator market for decades and include existing grid connections that PowerTransitions believes can support additional energy infrastructure.
PowerTransitions plans to evaluate the sites for redevelopment into broader energy campuses that could include battery storage, new generation capacity and powered land for data centers or advanced manufacturing.
The transaction represents PowerTransitions’ first entry into the New York market and increases its operating portfolio to approximately 550 megawatts across the NYISO, PJM and ISO New England electricity markets.
Including its pending acquisition of the Roseton Generating Station, the company expects to operate more than 1,800 megawatts of generation capacity.
PowerTransitions specializes in acquiring legacy power and industrial properties and redeveloping them for new energy uses.
Its projects can involve decommissioning and environmental remediation, construction of new generating facilities, battery storage development and creation of sites capable of providing on-location electricity to industrial or data center customers.
The company plans to retain the experienced employees operating the five acquired facilities while working with local communities to maintain grid reliability and evaluate future investment opportunities.
KEY QUOTE:
“We look forward to working with the plants’ experienced workforces and the surrounding communities to ensure continued reliability as electricity demand grows in the region, and investing in the long-term future of new energy assets in the community.”
Sean Long, Co-Founder and CEO of PowerTransitions
