Shell Energy North America (SENA), a subsidiary of Shell, has agreed to acquire a 609 MW, two-unit combined-cycle gas turbine power plant located in Johnston, Rhode Island, US. The purchase agreement has been signed with RISEC Holdings, a subsidiary of EGCO RISEC II, and Carlyle’s subsidiaries, Cogentrix RISEC CPOCP and Cogentrix RISEC CPP II.
EGCO RISEC II, part of Thailand’s Electricity Generating Public Company (EGCO), will divest 49% of its stake in the plant, while Carlyle will divest the remaining interest. The transaction, pending regulatory approvals, is expected to conclude in the first quarter of 2025.
The acquisition will strengthen Shell’s supply and capacity in the deregulated Independent System Operator (ISO) New England power market. The plant, operational since 2002, has an average operating capacity of 594 MW and plays a critical role in supplying power to the ISO New England market. SENA, a major provider of wholesale and retail power, natural gas, and environmental products, aims to enhance its position and trading opportunities in the market through this deal.
Earlier this year, in March 2024, Shell New Energies US divested its 50% stake in SouthCoast Wind Energy to its partner, Ocean Winds North America. SouthCoast Wind, a joint venture between Shell and Ocean Winds, focuses on advancing offshore wind projects in Massachusetts.