Calpine Buys 80% of California Power Plant From GATX:
8/18/00 1:02:00 PM
Source: Bloomberg News
URL: cnetinvestor.com
San Jose, California, Aug. 18 (Bloomberg) -- Calpine Corp., one of the largest U.S. power-plant developers, said it bought the remaining 80 percent stake in a plant in San Jose, California, from a unit of GATX Corp. for an undisclosed price.
The natural gas-fired Agnews plant produces 29 megawatts of electricity, enough to light 29,000 U.S. homes, and had sales of $23 million last year. Almost all of its output is bought by PG&E Corp., the owner of California's biggest utility.
Calpine acquired a 20 percent stake in Agnews in 1990. The San Jose-based company has been buying out power-plant partners as part of an effort to reach 40,000 megawatts of capacity by the end of 2004. Calpine in recent months acquired remaining stakes in plants near Orlando, Florida, and New York City.
Calpine, with power projects in 27 states and Alberta, Canada, had sales of almost $810 million last year. Chicago-based GATX leases railroad cars and aircraft and had $1.86 billion in 1999 revenue. It sold the Agnews stake through its financial services unit, GATX Capital Corp.
Agnews sells 28 megawatts of power to San Francisco-based PG&E and supplies the rest, as well as steam, to the state's Agnews center for the developmentally disabled.
Calpine's shares fell 1 3/16 to 88 3/4 and GATX fell 5/8 to 40 1/2, both on the New York Stock Exchange. Calpine has more than doubled this year, while GATX is up 20 percent.
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