Dominion to Sell Two Power Stations to Starwood Energy -- Update
September 24 2018 - 6:56PM
Dow Jones News
By Josh Beckerman
Dominion Energy (D) said Monday that it agreed to sell its
interests in three merchant electric generation assets for total
proceeds of $1.32 billion.
The company is selling the Fairless Power Station in
Pennsylvania and the Manchester Street Power Station in Rhode
Island to Starwood Energy for about $1.23 billion.
Dominion also agreed to sell its 25% stake in Catalyst Old River
Hydroelectric LP, which owns a Louisiana hydroelectric generating
station, for $90 million. Dominion didn't specify the buyer.
Earlier this year, the company said it planned to sell non-core
assets. Dominion said Monday it is "pleased" with the sale results,
exceeding the midpoint of its guidance of $1 billion to $1.5
billion for asset-sale proceeds.
Based on strong third-party interest, Dominion will continue to
evaluate its 50% stake in the Blue Racer Midstream joint
venture.
Dominion shares rose 1.1% to $70.85 after hours.
Last week, Dominion announced a nonbinding offer to buy the rest
of Dominion Energy Midstream Partners LP (DM) it doesn't already
own, citing factors including weakness in capital markets for
master limited partnerships.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 24, 2018 18:41 ET (22:41 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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