TAMPA, Fla., March 27, 2003 -- TECO Energy Inc. announced that Aare-Tessin Ltd. for Electricity (Atel) has purchased the interests in the ECK Generating Project that were owned by TECO Power Services (TPS) and its former joint venture partner, Mosbacher Power Partners, LP (MPP). The ECK Generating Project is a 343-megawatt facility located in the Czech Republic.
TPS realized $33 million as a result of the sale and the related transactions. The company received substantially all remaining proceeds due in cash today. The company had already recorded a $9 million pre-tax valuation adjustment associated with this sale in the fourth quarter of 2002. The transaction is not expected to impact 2003 results.
More information: www.tecoenergy.com.
TECO Energy, Inc. is a diversified energy-related holding company based in Tampa. Principal subsidiaries include Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions.