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News Breaks | | | | March 11, 2013 | | 09:06 EDT |  | D | Dominion to sell three merchant power stations to Energy Capital
Dominion announced that it has signed a purchase and sale agreement for three merchant generation power stations with a subsidiary of funds controlled by Energy Capital Partners, a private equity firm with offices in Short Hills, N.J., and San Diego, Calif. The sale is expected to close in the second quarter of 2013. The sale will require the approval of the Federal Energy Regulatory Commission and Hart-Scott-Rodino antitrust clearance. Dominion announced last September that it was exiting the merchant coal-fired generation business as part of the company's continual review of its assets to ensure they fit strategically and support its objectives to improve return on invested capital and shareholder value. The sale is expected to result in after-tax proceeds of approximately $650M, which includes cash tax benefits generated from the sale. The company plans to invest the proceeds in the company's regulated businesses and reduce debt needs. | |
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