Wisconsin Power and Light Company (WPL), a subsidiary of Madison-based Alliant Energy Corp., has closed on the purchase of Riverside Energy Center LLC, which owned the Riverside Energy Center.
Riverside Energy Center LLC was owned by Calpine Corp.
“We are very excited to add the Riverside Energy Center into WPL’s fleet, and the employees there into our WPL family,” said John Larsen, president of WPL. “This purchase is the latest step in the execution of our strategy to balance our generation portfolio in order to manage costs for our customers while remaining flexible for the future.”
“This transaction furthers strategic objectives for Calpine as well as WPL, a longtime partner and valued customer. For Calpine, divesting the Riverside plant allows us to redeploy capital in a way that will enhance long-term value for our shareholders,” said Calpine chief executive officer Jack Fusco. “We are also gratified that the dedicated employees at Riverside will continue to maintain the plant’s operational excellence working for WPL.”
The purchase price was approximately $400 million.
The Riverside Energy Center is a 600MW combined cycle natural gas-fired electric generating facility located in Beloit. It began operation in 2004 and WPL previously purchased approximately 500MW of capacity from the facility.
