PPL sells off interests in power generating assets for US$381m
US based PPL Corp has sold interests in non-core power plants to an affiliate of LS Power Equity Advisors for roughly US$381m in cash. The assets involved include the 244MW Wallingford gas-fired power plant in Connecticut, the 585MW University park unit in Illinois and PPL’s one-third share in the 421MW Safe Harbor hydroelectric state in Pennsylvania. Credit Suisse and BofA Merill Lynch were PPL’s financial advisors for the sale. PPL is looking to invest US$450m in boosting its T&D network to compensate for ageing infrastructure and rising demand in certain areas. The company holds almost 19GW in generating capacity in the US.
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