NEWARK, N.J., Jan. 9, 2019 /PRNewswire/ -- PSEG Power, a
subsidiary of Public Service Enterprise Group (PSEG), announced
today 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)
(www.hilcoredev.com), 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 metric tons 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. Hilco
Redevelopment Partners 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 underutilized land
into modern industrial parks in one of the strongest
warehouse/distribution center regions in the entire country."
HRP has several current transactions and ongoing development
projects underway, including the following:
- Tradepoint Atlantic/ Washington,
D.C./ Baltimore – HRP
purchased the 3,100-acre former home of Bethlehem Steel in
Baltimore. Beginning in 2012, HRP
demolished and continues to remediate the site while redeveloping
it into the largest tri-modal logistics hub on the eastern seaboard
of the U.S. Thousands of jobs have already been created with new
tenants to Tradepoint Atlantic that include Amazon, FedEx, Under
Armour, Volkswagen and more.
- L-Street Station on Summer Street, Boston – HRP purchased the former Boston
Power Generating Station owned by Exelon Corp. HRP is in the
process of permitting the site into a multi-phase dynamic mixed-use
redevelopment, including residential, hotel, office and retail
components.
- Exchange 55 – Crawford Station, Chicago – In 2017, HRP purchased the
decommissioned Crawford Generating Station in Chicago from NRG with a vision to redevelop it
into a 1 million-square-foot state-of-the-art warehouse and
distribution center, bringing jobs, economic development and
significant benefits to the community. Vacant since 2012, the site
was rebranded in 2018 as "Exchange 55." The project is scheduled to
be complete in early 2020.
HRP's other projects include redevelopment of The Gauge, a
decommissioned manufacturing facility in Waltham, Mass.; modernization of One North LaSalle, updating the tenant amenities
of an art deco-era office building in Chicago's Central Loop; and the
decommissioning and redevelopment of numerous other large
industrial sites across the country.
"We're excited about this acquisition from PSEG," Hilco Global
Chairman and CEO Jeff Hecktman said.
"The Hilco Redevelopment 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."
About Hilco Redevelopment Partners (HRP):
Hilco Redevelopment Partners (www.hilcoredev.com) is one of
more than 20 operating companies within the metropolitan
Chicago-based financial services
holding company, Hilco Global. Hilco Redevelopment Partners is a
principal investor in complex real estate projects across
North America, specializing in the
repositioning and redevelopment of obsolete, underutilized or
decommissioned real estate properties.
About PSEG Power
PSEG Power LLC is a multi-regional energy supply company that
integrates the operations of its merchant nuclear and fossil
generating assets with its power marketing businesses and fuel
supply functions, primarily in the Northeast and Mid-Atlantic
United States. PSEG Power maintains a fleet totaling
approximately 11,900 MWs of electric generating capacity and is a
nationally recognized industry leader on environmental issues. PSEG
Power is a subsidiary of Public Service Enterprise Group Inc.
(PSEG) (NYSE:PEG), a diversified energy company
(www.pseg.com). PSEG has been named to the Dow Jones
Sustainability Index for North
America for 11 consecutive years.
Want to know what's new at PSEG? Go to
www.pseg.com/getnews and sign up to have our press releases
sent right to your inbox.
Visit PSEG
at:
www.pseg.com
PSEG on
Facebook
PSEG on Twitter
PSEG on
LinkedIn
PSEG blog, Energize!
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pseg-sells-two-retired-coal-sites-to-hilco-redevelopment-partners-300775621.html
SOURCE PSEG