Dive Summary:
- Dynegy Inc. will acquire five coal-fired Illinois plants from Ameren Corp. in a cashless transaction, Bloomberg reports.
- Ameren will pay $133 million to take three natural gas-fueled plants from the subsidiary being sold in the new deal, and Dynergy will get $825 million of non-recourse debt, along with associated marketing and retail assets.
- The announcement comes after Ameren detailed plans to get out of the merchant generation business last year.
From the article:
"... The sale marks Ameren’s exit from the merchant generation business, in which it sells power at wholesale market rates instead of state-regulated prices. The company announced Dec. 20 it would get rid of the unit to focus on regulated operations in Illinois and Missouri. Ameren recorded a $1.6 billion charge in the fourth quarter to write down the value of the plants. ..."
