Independent power producer Dynegy said Monday it has an agreement to sell the 307-acre site of the former Brayton Point Power Station in Somerset, Mass., for an undisclosed price to Commercial Development Company Inc., of St. Louis.
“When we started this process, we committed to finding a buyer with plans that would benefit the community, and I’m pleased to report that we have honored that commitment,” said Peter Ziegler, vice president and general manager of Dynegy Plant Operations in the Northeast U.S.
“Commercial Development Company has established a strong track record of repurposing industrial sites that go on to become important contributors to the economic and social fabric of their communities.”
The transaction, which includes CDC’s assumption of environmental responsibilities associated with the site, is expected to be completed by the end of 2017, Kallanish Energy reports.
“Dynegy went to great lengths to choose a buyer who would not only provide fair market value for the real estate assets, but also have the vision and expertise to repurpose the site for new development activity,” said Randall Jostes, CEO of CDC. “We commend Dynegy for their proactive approach to ensure that the site would not sit idle and become a source of local blight and economic decay.”
The 307-acre site at Brayton Point could represent an opportunity to advance the offshore wind energy sector due to its pre-existing access to the regional transmission grid. Additionally, the site boasts close proximity to proposed offshore wind tracts, deepwater port potential, and access to a highly skilled workforce in the New England area, according CDC.
The Massachusetts Clean Energy Center recently identified Brayton Point as a potential site for the development of an industrial wind port to support the new wind energy diversification legislation. The development of offshore wind will require sites capable of component manufacturing, staging, rations, and maintenance.
The Brayton Point facility was one of 10 power generation facilities purchased by Dynegy from Energy Capital Partners in April 2015. The decision to retire the 1,488-megawatt, coal-fired facility, which was commissioned in 1963, was made prior to Dynegy’s purchase. The plant ceased operations at the end of May.