Power plant trades for $244M in Gregory

GREGORY – NRG Energy Inc. reached a deal to buy the Gregory cogeneration plant for about $244 million from a group of affiliates of Atlantic Power Corp., John Hancock Life Insurance Co. (USA) and Rockland Capital LLC.

The Princeton, N.J.-based power company said the plant is equivalent to an about 560 megawatt combined-cycle gas turbine plant with generation capacity of about 400 nominal megawatts and steam capacity of more than a million pounds per hour.

The deal, which remains subject to regulatory approvals, is expected to close in third quarter.