PPL completes $381MM sale of natural gas-fired power plants

Source: PPL Corp.

PPL Corporation (NYSE:PPL) has completed the previously announced sale of its interests in certain non-core generating stations to an affiliate of LS Power Equity Advisors for approximately $381 million in cash. 

The transaction includes the 244-megawatt PPL Wallingford Energy plant, a natural gas-fired facility located in the Town of Wallingford, Conn.; the 585-megawatt PPL University Park plant, a natural gas-fired facility located in University Park, Ill.; and PPL's one-third share in Safe Harbor Water Power Corporation, owner of the 421-megawatt Safe Harbor Hydroelectric Station on the Susquehanna River in Conestoga, Pa. 

The sale, for which PPL recorded an after-tax special item charge of $64 million in 2010, primarily in the third quarter, is factored into PPL's current 2011 earnings and cash flow forecasts.



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