MILWAUKEE, Wis., May 22, 2001 Wisvest, a subsidiary of Wisconsin Energy Corp., today announced it has finalized the sale of the Blythe Energy Project to Caithness Energy for an undisclosed amount.
The project is a 520 megawatt (MW) natural gas-fired combined cycle power plant located about three miles west of the city of Blythe in southeastern California.
“As part of the restructuring effort we announced last year, we said that we would divest non-core, non-utility assets to retire debt and buy back stock,” said Richard A. Abdoo, chairman, president and chief executive officer of Wisconsin Energy. “This is another step forward in that process, demonstrating our commitment to a strong financial future for the company.”
The plant is designed to be a highly efficient and clean burning electric generation system. The gas turbines use state-of-the-art technology to efficiently burn natural gas with reduced nitrogen oxide and carbon monoxide emissions.
Wisvest and Caithness entered into a Purchase and Sale Agreement on Nov. 14, 2000, to initiate the Blythe transaction.
Wisvest is a non-utility subsidiary of Wisconsin Energy Corp., focusing on development and acquisition of energy projects.
Wisconsin Energy Corporation is a Milwaukee-based holding company with subsidiaries in utility and non-utility businesses. The company serves more than 1 million electric customers in Wisconsin and Michigan’s Upper Peninsula and 957,000 natural gas customers in Wisconsin through its utility subsidiaries – Wisconsin Electric, Wisconsin Gas and Edison Sault Electric. Its non-utility subsidiaries include energy services and development, pump manufacturing, waste-to-energy and real estate businesses. Visit the company’s Web site at www.WisconsinEnergy.com.