MINNEAPOLIS, Minn., July 25, 2002 NRG Energy Inc. announced it has completed the sale of its ownership interests in an Australian Energy Company, Energy Development Limited (EDL).
As a result of the sale the following interests were transferred: NRG’s holding of 14.6 million EDL ordinary shares to Infratil Limited and Orion Energy and the buy back by EDL of NRG’s holding of 16.8 million preferred shares for a total of (Aus.) $78.5 million in proceeds (approximately $43.9 million U.S.).
“This sale represents a milestone in the execution of our business plan to strengthen NRG’s balance sheet through the divestiture of assets in our international portfolio,” said Richard C. Kelly, president and chief operating officer of NRG. “We have enjoyed our relationship with EDL and believe this transaction offers significant benefits to EDL and it’s new shareholders, Infratil Limited and Orion Energy, as well as providing NRG additional cash liquidity.”
NRG Energy, a wholly owned and unregulated subsidiary of Xcel Energy, develops and operates power generating facilities. NRG’s operations include competitive energy production and cogeneration facilities, thermal energy production and energy resource recovery facilities.
EDL is a listed Australian energy company engaged in the development and management of an international portfolio of projects with a particular focus on renewable and waste fuels. The company’s project implementation capabilities include project development, financing, manufacturing, construction and operation.
Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 12 Western and Midwestern states. The company provides a comprehensive portfolio of energy-related products and services to 3.2 million electricity customers and 1.7 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the U.S. Company headquarters are located in Minneapolis.