Friday, 23 November 2018

First Energy sells Ohio CCGT for $144m in cash

The 545-MW West Lorain plans supplies enough electricity for 400,000 homes The 545-MW West Lorain plans supplies enough electricity for 400,000 homes

Indebted Ohio-based utility FirstEnergy Generation has agreed to sell its 545 MW West Lorain Facility to Vermillion Power, part of Starwood, for $144 million in cash – if no higher bid comes forward. The sale of the CCGT will be accomplished through a court-supervised bankruptcy auction to maximize the value of the asset.

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