Printer Friendly

CMS ENERGY ANNOUNCES ACQUISITION OF ARGENTINE HYDROELECTRIC POWER PLANTS

 DEARBORN, Mich., July 12 /PRNewswire/ -- CMS Energy Corporation (NYSE: CMS) today announced that its independent power production unit, CMS Generation Company, has purchased with other partners 59-percent ownership in two hydroelectric power plants on the Limay river in Western Argentina totaling 1,320 megawatts, the largest in the country.
 The partners include CMS Generation Co. (25 percent), the Chilean Electric Company, Endesa (51 percent), a U.S. pension fund manager, BEA (8 percent) and the Spanish bank, Banco Santander (10 percent). The Scudder Latin Fund, in which CMS is a co-advisor, has an option for 6 percent. Project financing has been obtained from Chase Manhattan Bank.
 CMS Generation and its partners acquired a 30-year concession under the Argentinean government's ongoing program to privatize its state- owned electric system. The hydroelectric plants, called El Chocon and Arroyito, are located 16 miles apart on the Limay river, about 125 miles from the Chilean border. El Chocon, which includes a 200,000-acre reservoir, has a generating capacity of 1,200 megawatts. Arroyito is a river control facility with a generating capacity of 120 megawatts.
 The Argentine provincial government is expected to retain 39-percent ownership of the facility, with the remaining 2 percent to go to plant employees.
 This is CMS Generation's second investment in Argentina following the acquisition of an 18.9-percent ownership position in the 675-megawatt San Nicolas plant northwest of Buenos Aires.
 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 3,549 megawatts from 10 operating power plants in the U.S. 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 $3.1 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, Michigan's largest utility and the nation's fourth-largest gas and electric utility.
 -0- 7/12/93
 /CONTACT: Michael J. Brogan of CMS Energy, 313-436-9253/
 (CMS)


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

SB-JG -- DE045 -- 0603 07/12/93 17:08 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:Jul 12, 1993
Words:396
Previous Article:STANDARD PRODUCTS NAMES ENDERS C.E.O. OF SUBSIDIARY
Next Article:F.F.O. FINANCIAL GROUP, INC. REPORTSSECOND QUARTER AND YEAR TO DATE PROFIT
Topics:


Related Articles
CMS ENERGY UNIT ACQUIRES OWNERSHIP INTEREST IN NEW YORK POWER PLANT
CMS ENERGY ACQUIRES NIAGARA MOHAWK POWER'S INDEPENDENT POWER BUSINESS
CMS ENERGY SAYS IT HAS NOT REACHED AN AGREEMENT WITH AES ON ARGENTINE POWER PLANT SITE
CMS ENERGY'S INDEPENDENT POWER UNIT SELLS ITS OWNERSHIP IN ARGENTINE POWER PLANT TO AES CORP.
CMS ENERGY'S CONSORTIUM WINS PRIVATIZATION AUCTION FOR ARGENTINA'S ENTRE RIOS ELECTRIC DISTRIBUTION UTILITY
CMS ENERGY ANNOUNCES COMPLETION OF ACQUISITION OF ARGENTINE ELECTRIC DISTRIBUTION UTILITY
CMS GENERATION CO. ANNOUNCES PURCHASE OF YPF-LA PLATA COGENERATION PROJECT, ARGENTINA
CMS Energy, NRG Energy and Horizon Energy Australia Investments Close on Acquisition of Australia's Loy Yang A Plant and Coal Mine
CMS Energy Announces Completion of US $1.5 Billion Financing For Jorf Lasfar
Edison International Unit to Acquire Two U.K. Generating Plants from PowerGen.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters