A New Jersey-based power company said Friday that it has reached an agreement to buy the coal- and oil-fired Salem Harbor Power Station, and plans to build a state-of-the-art natural gas plant on the site.

Footprint Power LLC will acquire the plant on Salem Harbor from Dominion Energy Inc, pending regulatory approval. Footprint and NAES Corp. will operate the existing plant until its scheduled shutdown in June 2014, when Footprint will clean and prepare the site for conversion to the new gas plant and other commercial and industrial redevelopment, the company said in a release.

The planned gas plant will have significantly reduced emissions compared to the existing oil and coal plant, Footprint said. The company said the new plant will be able to stop and start production quickly in response to changing power demands.

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The plant is Footprint’s first acquisition. The company was founded in 2009.