Cinergy Global Power Reaches Agreement to Sell Spanish Assets to ENERGI E2.Business Editors CINCINNATI--(BUSINESS WIRE)--June 6, 2002 Cinergy Global Power, Inc., a subsidiary of Cinergy Corp., has reached an agreement to sell its Spanish renewable assets to ENERGI E2 A/S (E2), a major Danish generator of power and heat. Terms of the transaction were not disclosed. Cinergy Global Power is selling its subsidiary, Cinergy Renovables Ibericas, S.L. (CRISL CRISL Credit Rating Information and Services Limited CRISL Contract Repair Initial Support List ). CRISL is a leading developer, owner and operator of renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. plants in Spain with an operational portfolio of 203 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt (MW) gross installed capacity. Cinergy Global Power has a net equity of 93 megawatts. The assets include wind energy, with smaller interests in biomass and mini-hydro power. Cinergy is selling the assets as part of its focus on paying down debt and restructuring its balance sheet. The acquisition of CRISL by ENERGI E2 is a result of E2's European expansion strategy and allows E2 to leverage its competence within renewable energy in the Mediterranean region. The transaction is subject to certain conditions. Cinergy Corp. has a balanced, integrated portfolio consisting of two core businesses: regulated operations and energy merchant. Cinergy owns regulated delivery operations in Ohio, Indiana and Kentucky that serve 1.5 million electric customers and about 500,000 gas customers. In addition, its Indiana regulated operations own 6,000 megawatts of generation. Cinergy's energy merchant business is a Midwest leader in low-cost generation owning 7,000 megawatts of capacity with a profitable balance of stable existing customer portfolios, new customer origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , marketing and trading, and industrial-site cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. . The "into Cinergy" power-trading hub is the most liquid trading hub in the nation. Cinergy Corp. is being advised by JPMorgan, and ENERGI E2 is being advised by Dresdner Kleinwort Dresdner Kleinwort (DKIB) is the investment bank of Dresdner Bank AG, part of Allianz since July 2001. Headquartered in London and Frankfurt and with an international network including offices in the financial centres of New York and Tokyo, Dresdner Kleinwort provides a wide range Wasserstein. |
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