May 28 Private-equity firm Energy Capital
Partners has hired banks to explore a sale or initial public
offering of its power-generation unit Equipower Resources Corp,
the Wall Street Journal reported, citing people familiar with
Equipower, which operates power plants in Connecticut,
Illinois, Massachusetts, Ohio and Pennsylvania could fetch more
than $1.5 billion in sale, some of the people were quoted by the
In case the company owners opt for an IPO, the proceeds will
be used to repay debt, the paper quoted a source.
Equipower had debt of about $1.5 billion at the end of last
year, according to Moody's Investors Service. (r.reuters.com/put69v)
Barclays Plc and Goldman Sachs Group Inc are
working with Equipower on the possible sale or IPO, the daily
Equipower said last October it would shut down its Brayton
Point coal/oil-fired power plant in Massachusetts as of May
The company said the plant was shut due to low electricity
prices resulting from a surplus of low-cost natural gas and the
high cost of investment needed to meet environmental regulations
and operate and maintain the aging plant.
Energy Capital Partners, Equipower Resources, Barclays and
Goldman Sachs were not immediately available for comment outside
regular U.S. business hours.
(Reporting by Arnab Sen in Bangalore; Editing by Gopakumar