PPL completes purchase of 705 MW natural gas-fired power plant

Source: PPL Corporation

705-megawatt AES Ironwood combined-cycle natural gas-fired power plant in Lebanon, Pa. PPL Corporation (NYSE: PPL) announced Friday (4/13) that it has completed the previously announced acquisition of AES Ironwood, L.L.C. and AES Prescott, L.L.C. , which together own and operate the 705-megawatt AES Ironwood combined-cycle natural gas-fired power plant in Lebanon, Pa., from a subsidiary of The AES Corporation (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, L.L.C.

The acquisition is not expected to have a material impact on PPL's earnings or financing plans.



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