Logan and Chambers — Renegotiate, Refinance, Redevelop

In 2022, Starwood Energy Group (now Lotus Infrastructure) accelerated the retirement of the Logan (225 MW) and Chambers (285 MW) coal plants by 30 months, moving the date from 2024 to 2022. This was achieved through a three-part strategy: renegotiating Power Purchase Agreements (PPAs) with Atlantic City Electric (ACE), refinancing project debt with a $200 million loan from MetLife, and planning the redevelopment of the sites into grid-scale battery storage. The transaction resulted in an estimated reduction of 3.9 million tons of CO2 and saved ACE customers approximately $30 million.

• The retirement of the Logan and Chambers plants was accelerated by 30 months, moving the decommissioning date from 2024 to June 2022.
• The transaction involved renegotiating 30-year PPAs signed in 1994 with Atlantic City Electric (ACE), which reduced the net payments from $258.5 million to $228.5 million and saved customers roughly $30 million.
• Starwood Energy Group secured $200 million in debt from MetLife to refinance project-level bonds and facilitate the early PPA termination payment to ACE.
• The early decommissioning of these assets is expected to reduce CO2 emissions by 3.9 million tons.
• The sites are planned for redevelopment into grid-scale battery storage, with capacities of 876 MWh for Logan and 960 MWh for Chambers.
• The transaction's success was supported by the New Jersey state Energy Master Plan's promotion of energy storage and approval from the New Jersey Board of Public Utilities (NJBPU) based on verified ratepayer savings.

APA

RMI (2024). Logan and Chambers — Renegotiate, Refinance, Redevelop. https://rmi.org/resources/transition-finance-case-studies-logan-and-chambers-renegotiate-refinance-redevelop/

Chicago

RMI. Logan and Chambers — Renegotiate, Refinance, Redevelop. 2024. https://rmi.org/resources/transition-finance-case-studies-logan-and-chambers-renegotiate-refinance-redevelop/.

Wikipedia

{{cite report |author=RMI |title=Logan and Chambers — Renegotiate, Refinance, Redevelop |date=25 June 2024 |url=https://rmi.org/resources/transition-finance-case-studies-logan-and-chambers-renegotiate-refinance-redevelop/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{rmi2024logan, author = {{RMI}}, title = {{Logan and Chambers — Renegotiate, Refinance, Redevelop}}, institution = {RMI}, year = {2024}, month = jun, url = {https://rmi.org/resources/transition-finance-case-studies-logan-and-chambers-renegotiate-refinance-redevelop/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }