NEW YORK (AP) - Calpine Corp. said Monday that it has agreed to sell six of its power plants, including two in Alabama, to privately-held LS Power Equity Advisors for $1.57 billion.
Houston-based Calpine plans to use the money to pay down debt, acquire other sites or buy back its stock, said CEO Jack Fusco.
The sale includes the 795-megawtt Decatur Energy Center and the 237-megawatt Hog Bayou Energy Center in Mobile. The other plants are in Pace, Fla.; Cowetta, Okla.; St. Gabriel, La.; and Calhoun County, S.C. Combined, the six plants can generate nearly 3,500 megawatts of electricity.
Calpine owns about 94 power plants. It provides power to customers in 20 states and in Canada.
LS Power is a developer and operator of power-generating sites. The company is based in New York.
Calpine shares rose 53 cents, or 2.5 percent, to $21.90 in morning trading Monday. Its shares have risen more than 9 percent so far this year.
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