Dynegy Inc. enters an agreement with Commercial Development Company Inc. (CDC) to sell the 307 acre site of the retired Brayton Point power plant in Somerset, Massachusetts, US.
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Dynegy Inc. has entered into an agreement to sell the 307 acre site of the retired Brayton Point power plant in Somerset, Massachusetts, US, to Commercial Development Company Inc., a leading North American commercial real estate and brownfield redevelopment company.
“When we started this process, we committed to finding a buyer with plans that would benefit the community, and I’m pleased to report that we have honoured that commitment,” said Peter Ziegler, Vice President and General Manager of Dynegy Plant Operations in the Northeast US. “Commercial Development Company has established a strong track record of repurposing industrial sites that go on to become important contributors to the economic and social fabric of their communities.”
As part of the transaction, CDC will assume responsibility for legacy environmental liabilities associated with the site. CDC and Dynegy are currently under contract to transfer ownership of the site, following a final due diligence period with closing anticipated by mid-December.
CDC plans to invest significant resources to reposition the 307-acre retired power plant and develop a market-ready plan to transform the former energy asset for post-coal utilisation. CDC has received tremendous support for this ownership transfer and for the future redevelopment of the site from local and state leadership.
“Dynegy went to great lengths to choose a buyer who would not only provide fair market value for the real estate assets, but also have the vision and expertise to repurpose the site for new development activity,” said Randall Jostes, CEO of CDC. “We commend Dynegy for their proactive approach to ensure that the site would not sit idle and become a source of local blight and economic decay.”
The transaction, which includes CDC assumption of environmental responsibilities associated with the site, is expected to be completed by the end of 2017. The Brayton Point facility was one of 10 power generation facilities purchased by Dynegy from Energy Capital Partners in April 2015. The decision to retire the 1488 MW coal-fired facility, which was commissioned in 1963, was made prior to Dynegy’s purchase of the facility. The plant ceased operations at the end of May 2017.
“Our team understands the historical and economic significance behind this project and we are pleased to lead the redevelopment process. We have been very impressed with Somerset’s pro-growth leadership and look forward to working with them to help create new opportunities,” said Jostes.