Duke divests 50% interest for $306 million
20 Mar 2003
Duke Energy North America (DENA) has signed a definitive agreement to sell its 50-percent ownership interest in Duke/UAE Ref-Fuel for $306 million to Highstar Renewable Fuels LLC.
The facilities, located in Connecticut, Massachusetts, New Jersey, New York and Pennsylvania, convert municipal solid waste into energy and have a gross capacity of 380 megawatts.
The agreement is subject to customary closing conditions including US Federal Energy Regulatory Commission (FERC) and other regulatory approvals and is expected to close mid-year.
'The divestiture of our interest in American Ref-Fuel is consistent with our strategy at DENA to focus on our natural gas-fired merchant generation fleet,' said Richard B. Priory, chairman and chief executive officer.
