September 2, 2008
GDF Suez Signs Agreement to Acquire FirstLight Power
GDF Suez Energy International through its North American subsidiary has announced the signing of an agreement to acquire US-based electricity generator FirstLight Power Enterprises.
FirstLight owns and operates a portfolio of 15 power generation plants, primarily pumped storage and traditional hydro facilities, and has a natural gas peaking facility under construction. These 16 facilities have a combined capacity of 1,538MW located in Massachusetts and Connecticut.
In addition, FirstLight reportedly has various expansion opportunities within its portfolio and reinforces GDF Suez's power generation position in the New England market.
The New England region, with a population of 14 million and 31,000MW of electric generation capacity, is deemed a core market for GDF Suez in North America. The company currently owns six renewable and natural-gas-fired power generation assets in the region; sells electricity to large commercial and industrial customers; and natural gas to gas utilities through its liquefied natural gas (LNG) business.
Dirk Beeuwsaert, CEO of GDF Suez Energy International, said: "FirstLight will complement GDF Suez's LNG and gas business in North America and will strengthen the group's existing power generating assets and retail activities in New England and eastern Canada. FirstLight will solidify our presence in a growing electricity and gas market."