AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation
American Electric Power has completed the sale of four competitive power plants to Lightstone Generation LLC, a joint venture of Blackstone and an affiliate of ArcLight Capital Partners LLC, for approximately $2.1 billion.
AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. The sale includes 5,200 megawatts of generation all located in the region served by the PJM Interconnection.
Waterford Energy Center, 840 MW natural gas, Waterford, Ohio
Darby Generating Station, 507 MW natural gas, Mount Sterling, Ohio
Gen. James M. Gavin Plant, 2,665 MW coal, Cheshire, Ohio
AEP will net approximately $1.2 billion in cash after taxes, repayment of debt associated with these assets and transaction fees. The company is investing the proceeds from the sale in its regulated businesses, including transmission and contracted renewable projects.
AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale.
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