PENUELAS, Puerto Rico, July 31, 2001 Mirant today announced that it plans to acquire 100 percent of the shares of EcoElectrica Holdings Ltd. currently held by Edison Mission Energy and Enron.
EcoElectrica Holdings Ltd. owns a 540-megawatt gas-fired, combined-cycle power plant, one of the cleanest, most efficient types of plants in the world. In addition to providing electricity to the Puerto Rico Electric Power Authority to help meet the island’s growing energy needs, steam created during generation is captured to produce water for use on the island. Also included in the acquisition is a liquefied natural gas (LNG) terminal that provides natural gas to the power plant, increasing Puerto Rico’s fuel diversification.
“Mirant began importing LNG into the United States in April 2001, and the acquisition of the EcoElectrica facility provides a natural extension of our existing strategy in a market offering significant growth potential,” said Marce Fuller, president and chief executive officer of Mirant. “EcoElectrica is the world’s first and only operating independent power producer fueled by LNG and will serve as a template for similar developments for the company on a worldwide basis as we continue to pursue growth opportunities,” she said.
“We are committed to being a long-term partner in Puerto Rico’s continued growth,” said J.R. Harris, chief executive officer of Mirant’s South America and Caribbean subsidiary. “Not only will the EcoElectrica plant provide clean, reliable electricity to the island, but it will allow us to build on an already strong relationship and enable us to partner with Puerto Rico in its economic development initiatives. In addition, interest in LNG is growing in the Caribbean, and the EcoElectrica assets provide us with a unique opportunity to participate and expand in this important business segment in the region.”
The acquisition of EcoElectrica would further strengthen Mirant’s position in the Caribbean, where the company has long maintained a positive presence. Mirant’s other Caribbean operations include the ownership and operation of electricity plants in Jamaica, Trinidad and Tobago, and the Bahamas.
Mirant develops, constructs, owns and operates power plants and sells wholesale electricity, natural gas and other energy commodities. Headquartered in Atlanta, with 10,000 employees worldwide, Mirant has operations in North America, Europe, and Asia. Mirant owns or controls more than 21,500 megawatts of electric generating capacity around the world, with another 7,900 megawatts of announced development. In North America, Mirant controls a natural gas asset base, including transportation, storage and access to approximately 3.8 billion cubic feet per day of natural gas production.