PSEG Power, a subsidiary of Public Service Enterprise Group, has sold two former coal burning power plant sites to Hilco Redevelopment Partners, an operating company within Hilco Global.
The plants — the Hudson Generating Station in Jersey City/Secaucus and the Mercer Generating Station in Hamilton — were built in the 1960s and retired in June 2017.
“We hope these sites will continue to be productive assets for the communities that hosted the plants for decades,” John Paul Cowan, senior vice president of operations for PSEG Fossil, said. “That’s why we sought out a buyer that understands the strategic value of both locations and will leverage the great labor pool in the surrounding areas. Hilco Redevelopment Partners has a track record of success taking on both the remediation of these types of industrial facilities and, most importantly, redeveloping them into economic engines for the people who live in and around the sites.”
HRP said it plans to redevelop the sites into state-of-the-art industrial parks to serve the growing need for warehouse/distribution space in Central and North Jersey.
“Our goal with every redevelopment project is to return economic vitality to these dormant industrial sites, giving them a new purpose and generating new strategic opportunities,” HRP CEO Roberto Perez said. “The locations of both the Hudson and Mercer sites offer transformational opportunities to reposition underutilized land into modern industrial parks in one of the strongest warehouse/distribution center regions in the entire country.”
“We’re excited about this acquisition from PSEG,” Jeff Hecktman, Hilco Global chairman and CEO, said. “The Hilco Redevelopment team has developed a strong reputation for taking on these types of large-scale industrial development projects across the country, having previously purchased obsolete coal-fired power plants from NRG and Exelon. These are unique projects that require a special skill set in order to bring new economic development and jobs back to communities.”