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PSEG sells two retired coal sites

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World Coal,

PSEG Power, a subsidiary of Public Service Enterprise Group (PSEG), announced the sale of the sites of its retired Hudson generating station in Jersey City/Secaucus and Mercer generating station in Hamilton Township to Hilco Redevelopment Partners (HRP), an operating company within Hilco Global. Both coal-burning power plants were built in the 1960s and retired in June 2017. PSEG is committed to being a leading clean energy provider. Last year, the company set the goal of eliminating 13 million t of CO2-equivalent emissions by 2030 from 2005 levels.

After reviewing more than two dozen proposals, PSEG selected Chicago-headquartered HRP based on their strong environmental track record and demonstrated success in managing complex redevelopment projects, including retired coal plants. HRP envisions redeveloping the sites as state-of-the-art industrial parks to serve the growing need for regional warehouse distribution hubs in central and northern New Jersey.

"We hope these sites will continue to be productive assets for the communities that hosted the plants for decades," said John Paul Cowan, Senior Vice President of Operations for PSEG Fossil. "That's why we sought out a buyer that understands the strategic value of both locations and will leverage the great labor pool in the surrounding areas. HRP has a track record of success taking on both the remediation of these types of industrial facilities and, most importantly, redeveloping them into economic engines for the people who live in and around the sites."

HRP also recently acquired retired coal power facilities from Exelon in Boston and NRG in Chicago.

"Our goal with every redevelopment project is to return economic vitality to these dormant industrial sites, giving them a new purpose and generating new strategic opportunities," HRP CEO Roberto Perez said. "The locations of both the Hudson and Mercer sites offer transformational opportunities to reposition underutilised land into modern industrial parks in one of the strongest warehouse/distribution center regions in the entire country."

"We're excited about this acquisition from PSEG," Hilco Global Chairman and CEO Jeff Hecktman said. "The HRP team has developed a strong reputation for taking on these types of large-scale industrial development projects across the country, having previously purchased obsolete coal-fired power plants from NRG and Exelon. These are unique projects that require a special skill set in order to bring new economic development and jobs back to communities."

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