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FPL Group Pays $837M for Controlling Interest in Seabrook

SEABROOK, NH-FPL Group has reached an agreement to purchase an 88.2% interest in Seabrook Nuclear plant for $837 million. Seabrook is located on a 900-acre site and provides approximately 7% of the electrical power in New England.

By Naomi Grossman | Updated on April 18, 2002

SEABROOK, NH-Power company FPL Group has reached an agreement to purchase an 88.2% interest in Seabrook Nuclear plant for $837 million. The group, based in Juno, FL will assume responsibility for ultimate decommissioning of the facility and will receive the Seabrook decommissioning funds, expected to be $232.7 million, at closing.

FPL Group anticipates completing the acquisition by the end of the year and will finance the transaction through a combination of equity and debt. Seabrook is a 1,161-megawatt pressurized water reactor that began operating in 1990. It is located on a 900-acre site in this town and Hampton and Hampton Falls, about 40 miles north of Boston. It provides approximately seven percent of the electrical power in New England.

The purchase agreement was reached through an auction process, launched late last year and supervised by the New Hampshire Public Utilities Commission in coordination with the Connecticut Department of Public Utility Control.

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