NRG Energy sells stake in German coal-fired power plant

NRG Energy Inc. (NYSE: NRG) on July 17 said it has sold its minority ownership interest in the 900 MW Schkopau coal-fired power station near Halle, Germany, to Energeticky a prumyslovy holding, a.s. (EPH), a Czech Republic-based coal mining and electricity company.

Schkopau is jointly owned by NRG, through its wholly owned subsidiary Saale Energie GmbH (SEG), and German partner E.ON Kraftwerke GmbH. SEG owns 41.9 percent of the plant and 44.4 percent of the plant’s operating company. EPH is purchasing 100 percent of SEG from NRG.

The purchase price paid by EPH was approximately EUR 141 million ($172.2 million). After taking into account fees, foreign exchange costs and other transaction expenses, NRG said it expects to be able to repatriate about $174 million in net proceeds prior to the end of 2012.

With the sale of Schkopau, NRG fully exits the European market.

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