HOUSTON--(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.
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.