US Grid Company, an owner and operator of electric generation assets in US cities, is seeking to raise capital to make a pair of acquisitions in Boston.
The New York-based plant manager is targeting facilities owned by Calpine and Constellation, CEO Jacob Worenklein said.
Calpine owns the Fore River Energy Center, a 731 MW, combined-cycle plant located 12 miles southeast of Boston, while Constellation owns Mystic Generating Station, a 1,413 MW natural gas-fired plant in Everett, Massachusetts.
Worenklein would acquire the assets and seek to implement lower-carbon generation solutions such as batteries, renewables, or clean fuels, he said.
He has held conversations with both Calpine and Constellation about acquiring the assets, and would need approximately $100m of equity capital to make an acquisition, he said, with the balance coming in the form of debt capital.
US Grid Company previously had investment backing from EnCap Energy Transition and Yorktown Partners, but the funds for the deal were pulled.
Worenklein has had a storied career in the US power sector, serving as a global head in roles at SocGen and Lehman Brothers. He was also founder and head of the power and projects law practice at Milbank.
From 2017 to 2020 he served as chairman of Ravenswood Power Holdings, the owner and operator of a 2,000 MW gas-fired plant in Queens, New York.
