Calpine sells St. Gabriel power plant
ST. GABRIEL - Calpine Corp. has agreed to sell six power plants, including a 501-megawatt plant in St. Gabriel, to LS Power for $1.57 billion in cash.
The St. Gabriel plant sells power to Entergy.
The deal announced Friday includes 3,500 megawatts of generating capacity through plants in Louisiana, Oklahoma, Alabama, Florida and South Carolina. One megawatt is enough to power 1,000 homes, meaning the six plants can power 3.5 million homes.
The deal helps Calpine achieve a top priority of selling its Southeast power plants.
Calpine expects to offset the projected taxable gains from the sale with existing federal and state operating losses.
Calpine still owns four natural gas-fired power plants in Arkansas, Alabama and Florida. The company plans to sell those plants.