Alliant Subsidiary Wisconsin Power Completes Purchase of Riverside Energy Center
Wisconsin Power and Light Company (WPL), a subsidiary of Alliant Energy Corporation (NYSE: LNT), has closed on the purchase of Riverside Energy Center, LLC, which owned the Riverside Energy Center. Riverside Energy Center, LLC, was owned by Calpine Corporation (NYSE: CPN) at the time it was purchased by WPL.
"We are very excited to add the Riverside Energy Center into WPL's fleet, and the employees there into our WPL family," said John Larsen, President – WPL. "This purchase is the latest step in the execution of our strategy to balance our generation portfolio in order to manage costs for our customers while remaining flexible for the future."
"This transaction furthers strategic objectives for Calpine as well as WPL, a longtime partner and valued customer. For Calpine, divesting the Riverside plant allows us to redeploy capital in a way that will enhance long-term value for our shareholders," said Calpine's Chief Executive Officer Jack Fusco. "We are also gratified that the dedicated employees at Riverside will continue to maintain the plant's operational excellence working for WPL."
The purchase price was approximately $400 million.
The Riverside Energy Center is