DEARBORN, Mich., Oct. 27, 2000 (PRNewswire) CMS Energy Corporation (NYSE: CMS) today announced it has closed the sale of its 12.5 percent ownership interest in the Curtis/Palmer hydroelectric generating project in New York State to International Paper Co. for approximately $12 million.
The sale is part of CMS Energy’s $1.4 billion asset sale and balance sheet improvement program. With the sale, CMS Energy has completed approximately $870 million of cash proceeds and balance sheet debt reductions to date as part of its asset optimization program. “We are executing our asset sale program, and expect to make continued progress on sales of non-strategic assets this year,” said Preston D. Hopper, CMS Energy’s senior vice president of corporate performance and chief accounting officer.
The Curtis/Palmer facility is a 58.8 megawatt, two-dam hydroelectric generating project located in Corinth, New York, which sells its electric output to Niagara Mohawk Power under a long-term contract.
CMS Energy Corporation has annual sales of more than $7 billion and assets of about $15 billion throughout the U.S. and around the world with businesses in electric and natural gas utility operations; independent power production; natural gas pipelines, gathering, processing and storage; oil and gas exploration and production; and energy marketing, services and trading.
For more information on CMS Energy, please visit the web site at: www.cmsenergy.com
SOURCE: CMS Energy Corporation