Constellation agrees to buy Shell’s Rhode Island power plant for $715 million
Constellation ($CEG) agreed to acquire the Rhode Island State Energy Center from Shell ($SHEL) for $715 million. The 609-megawatt combined-cycle natural-gas plant is located in Johnston, Rhode Island. Constellation estimates that first-year tax benefits will reduce the transaction’s effective net cost to approximately $580 million, distinguishing the economic cost from the headline purchase price. The buyer expects the acquisition to increase operating earnings per share and generate an unlevere
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