Printer Friendly

CMS ENERGY CLOSES DEBT RESTRUCTURING OF CONNECTICUT PLANT

 DEARBORN, Mich., Aug. 25 /PRNewswire/ -- CMS Energy Corporation (NYSE: CMS) today announced that its independent power production subsidiary, CMS Generation Co., has completed a $110 million debt-equity restructuring of the waste tire-fueled Exeter Energy Project located in Sterling, Conn.
 As a result of the completion of this transaction, management control of the facility is now held by Exeter Management Company, a joint venture of CMS Generation and Black & Veatch of Kansas City, Mo. An additional investor in the project is the Nissho Iwai American Corporation, a subsidiary of Japan-based Nissho Iwai Corporation. The restructuring also involves Sanwa Bank, Limited, a lender to the Exeter project.
 The restructuring represents a commitment by CMS Generation to the technology of extracting usable energy trapped in waste tires for both the production of electricity and to help solve the nation's waste tire disposal problem. The facility consumes 10 million waste tires per year, enough to handle all of the scrap tires discarded in Connecticut and over one-half the scrap tires from the entire New England region.
 Scrap tires represent significant solid waste disposal problems, clogging landfills or, if left unburied, presenting a serious fire hazard and a breeding ground for mosquitoes. CMS Generation also announced recently that it has signed a power purchase agreement with Nevada Power Company to supply that utility with 53 megawatts of electric generating capacity from a scrap tires-to-energy power plant to be constructed beginning early next year near Moapa, Nev. The Exeter Energy Project is capable of generating 26.5 megawatts of power, enough to serve a community of 15,000 people, and was designed and constructed by NEPCO, a subsidiary of Zurn Industries. The plant's output is sold to Connecticut Light and Power Company under a long-term agreement.
 Black & Veatch is an internationally known engineering/construction firm, and one of the world's leading designers of power plants.
 CMS Generation Co. is the independent power production unit of CMS Energy Corporation. CMS is one of the nation's top five independent power producers with interests in 3,567 megawatts from 10 operating power plants in the United States and South America. CMS Energy was the lead developer of the Midland Cogeneration Venture (MCV), a 1,370- megawatt cogeneration facility in Midland, Mich., the largest such project in operation in North America.
 CMS Energy Corporation is a $3.3 billion (sales) diversified energy company with businesses engaged in electric and natural gas utility operations; independent power production; interstate storage, transmission and marketing of natural gas; oil and gas exploration and production, and utility services. CMS Energy Corporation's principal subsidiary is Consumers Power Company, Michigan's largest utility and the nation's fourth-largest gas and electric utility.
 -0- 8/25/93
 /CONTACT: Kelly M. Farr of CMS Energy, 313-436-9253/
 (CMS)


CO: CMS Energy Corporation ST: Michigan IN: UTI SU:

KE-SB -- DE015 -- 0372 08/25/93 13:18 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 25, 1993
Words:474
Previous Article:HOME BUILDERS FILE SUIT IN RESPONSE TO WHITE HOUSE WETLANDS POLICY
Next Article:CWE SIGNS LETTER OF INTENT TO MERGE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters