Granite Ridge Energy Announces Initiation of Formal Sale Process
Posted on: Monday, 16 June 2008, 09:01 CDT
Granite Ridge Energy, LLC ("GRE", "Granite Ridge" or the "Company") announced today that by unanimous consent, the Board of Directors has directed management to initiate a formal process to sell the Company.
GRE's primary asset, the Granite Ridge generation facility, is a combined-cycle, natural gas-fired generating station with a seasonally rated capacity of 752 MW. The Facility operates at a heat rate of less than 7,000 btu/kWh and benefits from a below market long-term commodity contract, making it one of the lowest cost CCGTs in the NEPOOL supply stack. In a continuing effort to maintain a high availability factor, the Company, through its operator North America Energy Services Company has undertaken several reliability enhancing initiatives at the Facility.
"Our operating performance during the past 18 months has been excellent, due to the successful implementation of our predictive maintenance and capital expenditure program," said Granite Ridge CEO Jim Utt. "Jim and I believe that the reliability of the Granite Ridge facility, given the success of our recent efforts, now substantially exceeds that of other facilities powered by Siemens W501G turbines that have not yet undertaken a similar reliability program," Granite Ridge COO Jim Carlton added.
The Company has retained Merrill Lynch & Co. ("Merrill Lynch") as its financial advisor in connection with this sale process.
About Granite Ridge Energy
Granite Ridge is a seasonally-rated 752 MW natural gas-fired, grey-water cooled, combined cycle electric generating station located in Londonderry, New Hampshire. The Facility employs Siemens W501G combustion turbines that are one of the most proven and highly efficient technologies in the market.
Granite Ridge began commercial operations in March 2003. The Facility is currently owned by a consortium of financial investors.
Source: Business Wire
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