July 2, 2002 — Aquila Inc. announced recently that it has signed an agreement to sell its 16.58 percent interest in the Lockport Energy facility to Fortistar Capital Inc., L.L.C. for $37.5 million in cash.
The transaction is expected to close before the end of this year’s third quarter.
The Lockport facility is a 180 megawatt gas-fired power plant approximately 30 miles north of Buffalo, New York, in the town of Lockport. The facility has been in service since 1992 and is managed by Fortistar.
“This sale and others that will follow demonstrate our commitment to execute on our previously announced decision to sell $1 billion of non-strategic assets,” said Robert K. Green, Aquila’s president and chief executive officer.
Based in Kansas City, Missouri, Aquila operates electricity and natural gas distribution networks serving more than six million customers in seven states and in Canada, the United Kingdom, New Zealand and Australia. The company also owns, operates and contractually controls power generation, natural gas and coal processing assets. At March 31, 2002, Aquila had total assets of $12.3 billion. More information is available at www.aquila.com.