American Electric Power has agreed to sell four competitive power plants totaling approximately 5,200 megawatts to a newly formed joint venture between The Blackstone Group and ArcLight Capital Partners for $2.17 billion, according to a statement.
The sale includes Lawrenceburg Generating Station in Indiana as well as three plants in Ohio: Waterford Energy Center, Darby Generating Station and Gen. James M. Gavin Plant.
Nicholas Atkins, chairman, president and CEO of AEP, said in a statement, “AEP’s long-term strategy has been to become a fully regulated, premium energy company focused on investment in infrastructure and the energy innovations that our customers wants and need. This transaction advances that strategy and reduces some of the business risks involved with operating competitive generating assets.”
The sale is expected to close in first quarter 2017.