Aquila Completes Sale of Interest in 12 Power Plants to ArcLight Capital Partners.Energy Editors/Business Editors KANSAS CITY, Mo.--(BUSINESS WIRE)--March 15, 2004 Aquila, Inc. (NYSE NYSE See: New York Stock Exchange :ILA ILA abbr. insulinlike activity ) today announced that it has completed the sale of its interests in 12 power plants to Teton Power Funding, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an affiliate of ArcLight Capital Partners, LLC. Aquila received total proceeds from the sale of approximately $257 million, after adjustments for working capital related to two of its consolidated projects. The power plants are a part of Aquila's residual merchant energy portfolio and represent a net ownership interest of 627 megawatts. The plants are in California, Florida, Georgia, Maine, New York Maine is a town in Broome County, New York, United States. The population was 5,459 at the 2000 census. The Town of Maine is on the western border of the county and is northwest of Binghamton. and Washington, as well as Jamaica. Aquila anticipates using the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the transaction to strengthen the company's balance sheet by reducing liabilities. Lehman Brothers acted as exclusive financial advisor to Aquila in connection with the transaction. Based in Kansas City, Mo., Aquila operates electricity and natural gas distribution networks serving customers in seven U.S. states and in Canada. The company also owns and operates power generation assets not included in this sale. More information is available at www.aquila.com. |
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