FirstEnergy completes sale of natural gas-fired Fremont Energy Center power plant in Fremont, Ohio, to American Municipal Power for more than US$500M
July 28, 2011
– FirstEnergy Generation Corp., a subsidiary of FirstEnergy Corp. (NYSE: FE), has completed the sale of the Fremont Energy Center in Fremont, Ohio, to American Municipal Power, Inc. (AMP) for more than $500 million. The two companies entered into a definitive purchase agreement for the facility in March 2011.
The sale is consistent with FirstEnergy's efforts to divest non-strategic assets and use the proceeds to provide the company with additional financial strength and flexibility.
The Fremont Energy Center, completed earlier this month, is a natural gas combined cycle generation plant with two natural gas turbines and a steam turbine capable of producing 544 megawatts (MW) of load-following capacity and 163 MW of peaking capacity. FirstEnergy acquired the partially complete plant in January 2008 from Calpine Corporation in that company's bankruptcy proceeding.
FirstEnergy is a diversified energy company dedicated to safety, reliability and operational excellence. Its ten electric distribution companies comprise the nation's largest investor-owned electric system. Its diverse generating fleet features non-emitting nuclear, scrubbed baseload coal, natural gas, and pumped-storage hydro and other renewables, and has a total generating capacity of more than 23,000 megawatts.