PPL completes acquisition of combined-cycle gas plant

PPL Corp. (NYSE: PPL) on April 13 completed the acquisition of AES Ironwood LLC and AES Prescott LLC, which together own and operate the 705 MW AES Ironwood combined-cycle natural gas-fired power plant in Lebanon, Pa., from a subsidiary of AES Corp. (NYSE: AES).

The plant is to be known as PPL Ironwood following the acquisition.

Total consideration for the transaction was approximately $302 million, consisting of a cash purchase price of $85 million, which includes $3 million in working capital, and $217 million of net project indebtedness of AES Ironwood LLC.

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