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Article: United States: Dynegy to Unwind Power Plant Venture.
- Article from:
- TendersInfo
- Article date:
- August 10, 2009
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Byline: prashant03
Closely held power-generation company LS Power Associates L.P. is expected to announce Monday it will buy nine U.S. power plants from one-time development partner Dynegy Inc.
LS Power will pay about $1 billion and return nearly $500 million in shares to Houston-based Dynegy, people familiar with the matter said.
The deal effectively unwinds a 2006 joint venture that was supposed to create the country's largest new developer of coal-fired power plants.
Over the past year, the recession has shrunk both the country's power-generating needs and developers' financial wherewithal to build plants. Dynegy, a wholesale power ...