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News Breaks | | | | September 28, 2012 | | 08:04 EDT |  | TE | TECO Energy to sell remaining investments in international power plants
TECO Energy announced that its international power subsidiary, TECO Guatemala, has entered into separate agreements to sell all of the equity interests in the Alborada and San José power stations and related solid fuel handling and port facilities in Guatemala for a total purchase price of $227.5M in cash. The purchaser of the Alborada Power Station is Sur Electrica Holding. The purchaser of the San José Power Stations and related solid fuel handling and port facilities is Renewable Energy Investments Guatemala Ltd. a wholly-owned subsidiary of SUR. SUR and REIN are international companies organized under the laws of the Commonwealth of the Bahamas. After closing the sales, TECO Energy will utilize the net cash proceeds of approximately $223M to repay $25M of San José Power Station project debt, and currently expects to apply the remaining proceeds in a balanced fashion to repurchase common stock and reduce TECO Energy parent debt. The sale is expected to be dilutive to earnings per share in 2013 and 2014 as benefits from share repurchases and debt retirements will not fully offset the elimination of the TECO Guatemala net income of approximately $20M annually. | |
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