M&A Deal Summary

Capital Power Acquires Bridgeport Energy

On March 8, 2011, Capital Power acquired utilities company Bridgeport Energy from LS Power Equity Advisors for 355M USD

Acquisition Highlights
  • This is Capital Power’s 2nd transaction in the Utilities sector.
  • This is Capital Power’s largest (disclosed) transaction.
  • This is Capital Power’s 2nd transaction in the United States.
  • This is Capital Power’s 1st transaction in Connecticut.
Investment Fate
  • Bridgeport Energy was divested to a consortium of strategic buyers in 2013.
  • Bridgeport Energy was divested to a consortium of strategic buyers in 2018.

M&A Deal Summary

Date 2011-03-08
Target Bridgeport Energy
Sector Utilities
Buyer(s) Capital Power
Sellers(s) LS Power Equity Advisors
Deal Type Add-on Acquisition
Deal Value 355M USD

Target

Bridgeport Energy

Bridgeport, Connecticut, United States
Bridgeport Energy is a natural gas-fired combined cycle power generation plant located in Bridgeport, Connecticut, with a nominal capacity of 520 megawatts (MW).

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Buyer(S) 1

Buyer

Capital Power

Edmonton, Alberta, Canada

Category Company
Founded 1891
Sector Renewable Energy
Employees793
Revenue 4.2B CAD (2023)
DESCRIPTION

Capital Power is a growth-oriented North American power producer. The company develops, acquires, operates and optimizes power generation from a variety of energy sources.Capital Power owns more than 2,600 megawatts of power generation capacity at 14 facilities across North America and owns 371 megawatts of capacity through a power purchase agreement. An additional 490 megawatts of owned generation capacity is under construction in Alberta and Ontario. Capital Power was incorporated in 1891 and is based in Edmonton, Canada.


DEAL STATS #
Overall 3 of 5
Sector (Utilities) 2 of 3
Type (Add-on Acquisition) 2 of 4
State (Connecticut) 1 of 1
Country (United States) 2 of 3
Year (2011) 2 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-17 New England Independent System Operator

United States

Tiverton and Rumford are both natural gas-fired combined cycle plants, each with a nominal capacity of 265 MW. Tiverton and Rumford have winter generation capacities of 279 MW and 270 MW, respectively with a combined maximum capacity of 549 MW.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-20 Capital Power Income

Edmonton, Alberta, Canada

Capital Power Income L.P. (CPILP) portfolio includes 19 wholly-owned power generation assets located in Canada and the United States and a 50.15 per cent interest in a power generation asset in Washington State. CPILP's assets have a total net generating capacity of 1,400 MW and more than four million pounds per hour of thermal energy.

Sell -

Seller(S) 1

SELLER

LS Power Equity Advisors

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2005
PE ASSETS 8.6B USD
Size Mega
Type Sector Focused
DESCRIPTION

LS Power Equity Advisors LLC is the private equity affiliate of LS Power Group, a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States. LS Power Equity Advisors looks to acquire operating power generation assets and utilize its development, operations, power marketing and financial expertise to improve their commercial and physical operations. LS Power Equity Advisors was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 1 of 1
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 1 of 1
Year (2011) 1 of 1
Size (of disclosed) 1 of 1