Constellation Energy has signed an asset purchase agreement with Boston Generating to acquire its 2,950MW fleet for approximately $1.1bn.
The transaction is expected to be completed through a court-approved bankruptcy proceeding to be initiated by Boston Generating.
If approved, Constellation Energy’s bid would then be considered the price to be beat in an asset auction to be held later this year.
Under terms of the agreement, if Constellation wins the bid, it would acquire Boston Generating’s five power plants. These consist of four natural gas-fired plants including the 1,580MW Mystic 8 and 9 plants, the 787MW Fore River plant, the 574MW Mystic 7 plant, and a fifth fuel oil plant, Mystic Jet of 9MW.