March 6, 2007, 12:53PM
Dominion Sells 3 Power Plants
2007 The Associated Press
RICHMOND, Va. — Utility operator Dominion Resources Inc. said Tuesday that it completed the sale of three natural gas-fired generation facilities for an undisclosed sum.
The facilities were bought by an entity jointly owned by Tenaska Power Fund LP and an affiliate of Warburg Pincus LLC. Proceeds will be used to pay down debt, according to the company.
The plants include Pleasants, a 313-megawatt facility in St. Mary's, W. Va.; Armstrong, a 625-megawatt facility in Shelocta, Pa.; and Troy, a 600-megawatt facility in Luckey, Ohio.
Credit Suisse Securities (USA) LLC advised Dominion on the sale.
Dominion shares rose 68 cents to $84.50 in afternoon trading on the New York Stock Exchange