CHARLOTTE – Forsite Development, Inc. has announced it has acquired the CP Crane Generating Station in Baltimore County, Md.
Forsite acquired the shuttered 400-megawatt coal plant from Chicago-based Middle River Power. The 153-acre plant is located off Carroll Island Road in Bowleys Quarters, Md., 14 miles east of Baltimore. The transaction included Forsite assuming the responsibility to decommission the plant and the assumption of environmental remediation obligations. Forsite plans to decommission the power plant starting this year and will begin remediation activities soon thereafter.
Forsite is exploring a variety of redevelopment options for the site, including repowering the site with renewable energy, data center development and possibly high density residential. “We anticipate the demolition work to take approximately 14 months to complete,” Forsite Chief Executive Officer Tom McKittrick said. “During that time, we’ll be working diligently on establishing a viable redevelopment plan for the site.”
The firm has recently created Forsite Renewables to develop solar projects around retired or retiring coal plants, including CP Crane. McKittrick said. “Our country is rapidly transitioning from fossil to renewable energy, and we see an opportunity to help facilitate that transition by repurposing infrastructure to fast-track renewable and battery storage projects.”
CP Crane is the sixth coal plant that Forsite has acquired via an Environmental Risk Transfer transaction. These risk transfer transactions provide sellers with a comprehensive fixed cost divestment solution for sites with legacy environmental conditions.
Forsite Development, Inc. (www.forsiteinc.com) was founded by Tom McKittrick in 2004 and has evolved into one of the leading brownfield redevelopment firms in the United States. In addition to the CP Crane facility, Forsite has acquired and redeveloped a wide range of other heavy industrial sites, including pesticides mixing plants, chrome plating facilities, textile dye manufacturing and chemical plants. To date, Forsite has acquired and redeveloped more than 9.6 million square feet of these facilities across 3,600 acres.
