Fremont power plant sold for $485 million

FirstEnergy Corp. has finalized terms of its plan to sell its Fremont Energy Center to American Municipal Power Inc., a Columbus-based utility, for approximately $485 million, the companies announced Monday morning.

Akron-based FirstEnergy, parent company of Toledo Edison, bought the partially built Fremont Energy Center from Calpine Corp. for $253.6 million in 2008. Construction on the 707-megawatt plant began in 2001 and is expected to be complete this year. The standby power plant will generate power from natural gas and steam. Calpine sold the plant as part of a bankruptcy proceeding. The companies said they plan to complete the transaction by July.

The plant includes two natural gas turbines and a steam turbine capable of producing 544 megawatts of load-following capacity and 163 megawatts of peaking capacity.