Mirant Selling Six U.S. Plants For $1.4 Billion

Private equity group LS Power buying the gas-fired plants.

Mirant Corp. said Tuesday it will sell six U.S. natural-gas-fired plants for $1.4 billion to LS Power Equity Partners, a private-equity group.

The U.S. plants being sold are: Zeeland (903 MW), West Georgia (613 MW), Shady Hills (469 MW), Sugar Creek (561 MW), Bosque (546 MW) and Apex (527 MW), constituting a total of 3,619 MW.

The power company said the proceeds from the sale of the Zeeland and Bosque plants, expected to be approximately $500 million, will be reinvested in Mirant North America, a subsidiary of Mirant Americas Generation, and/or used to retire debt at Mirant North America.

The deal is expected to close by the second quarter.

"Although these plants do not fit within our business strategy, they are excellent facilities," said Edward R. Muller, Chairman and Chief Executive Officer of Mirant.

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