Dynegy Reaches Agreement to Sell Brayton Point Site
November 20 2017 - 4:30PM
Business Wire
Dynegy Inc. (NYSE: DYN) today announced that it has entered into
an agreement to sell the 307-acre site of the former Brayton Point
Power Station in Somerset, Massachusetts to Commercial Development
Company, Inc.
“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 honored that commitment,” said Peter Ziegler,
Vice President and General Manager of Dynegy Plant Operations in
the Northeast U.S. “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.”
The transaction, which includes Commercial Development Company’s
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 1,488-megawatt, coal-fueled 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.
About Dynegy
Throughout the Northeast, Mid-Atlantic, Midwest, and Texas,
Dynegy operates 27,000 megawatts (MW) of power generating
facilities capable of producing enough energy to supply more than
22 million American homes. We generate power safely and responsibly
for 1.2 million electricity customers who depend on that energy to
grow and thrive.
Forward Looking Statements
This news release contains statements reflecting assumptions,
expectations, projections, intentions or beliefs about future
events that are intended as “forward-looking statements,”
particularly those statements concerning the agreed upon sale of
the Brayton Point site, benefit to the community and purchaser’s
track record of repurposing industrial sites. Discussion of risks
and uncertainties that could cause actual results to differ
materially from current projections, forecasts, estimates and
expectations of Dynegy is contained in Dynegy’s filings with the
Securities and Exchange Commission (SEC). Specifically, Dynegy
makes reference to, and incorporates herein by reference, the
section entitled “Risk Factors” in its 2016 Form 10-K and
subsequent Form 10-Qs. In addition to the risks and uncertainties
set forth in Dynegy’s SEC filings, the forward-looking statements
described in this press release could be affected by, among other
things (i) Dynegy’s ability to close the transaction on the terms
it currently contemplates; or (ii) that Dynegy will realize the
expected benefits from the transaction. Any or all of Dynegy’s
forward-looking statements may turn out to be wrong. They can be
affected by inaccurate assumptions or by known or unknown risks,
uncertainties, and other factors, many of which are beyond Dynegy’s
control.
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Dynegy Inc.Media: Dean Ellis, 713.767.5800orAnalysts:
713.507.6466
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