M&A Deal Summary

Emera Acquires New England Independent System Operator

On November 19, 2013, Emera acquired utilities company New England Independent System Operator from Capital Power for 541M USD

Acquisition Highlights
  • This is Emera’s 2nd transaction in the Utilities sector.
  • This is Emera’s 2nd largest (disclosed) transaction.
  • This is Emera’s 2nd transaction in the United States.

M&A Deal Summary
Date 2013-11-19
Target New England Independent System Operator
Sector Utilities
Buyer(s) Emera
Sellers(s) Capital Power
Deal Type Divestiture
Deal Value 541M USD

Target

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.

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Buyer(S) 1

Buyer

Emera

Halifax, Nova Scotia, Canada
Category Company
Founded 1998
Sector Utilities
Employees7,366
Revenue 7.6B CAD (2023)
DESCRIPTION

Emera is a geographically diverse energy and services company. The company invests in electricity generation, transmission, and distribution, as well as gas transmission and utility energy services. Emera was founded in 1998 and is based in Halifax, Canada.

DEAL STATS #
Overall 2 of 3
Sector (Utilities) 2 of 2
Type (Divestiture) 2 of 2
Country (United States) 2 of 3
Year (2013) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 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).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-04 TECO Energy

Tampa, Florida, United States

TECO Energy, Inc. is an energy-related holding company with regulated electric and gas utilities

Buy $10.4B

Seller(S) 1

SELLER

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 3
Sector (Utilities) 2 of 2
Type (Divestiture) 3 of 3
Country (United States) 2 of 2
Year (2013) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 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).

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-12 Midland Cogeneration Venture

Midland, Michigan, United States

Midland Cogeneration Venture is a provider of gas-fired cogeneration plants in the United States and its facility capacity is 1,560 megawatts of electric power and additionally 1.35 million pounds per hour of process steam for industrial use. Midland Cogeneration Venture was founded in 1987 and is based in MIdland, Michigan.

Buy -
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