Acadia Power Partners Completes Sale of Acadia Unit 2 to Entergy Louisiana
April 29 2011 - 11:15AM
Marketwired
Acadia Power Partners, LLC (APP) announced effective today that it
has completed the sale of Unit 2 at Acadia Power Station and 50
percent of Acadia Power Station's common assets to Entergy
Louisiana, LLC, a subsidiary of Entergy Corp. (NYSE: ETR), for
approximately $300 million.
Cleco Corp. (NYSE: CNL) indirectly owns 50 percent of APP
through its Cleco Midstream Resources LLC subsidiary. Cleco
received approximately $150 million from the sale transaction.
Acadia Power Station consists of two 580-megawatt combined-cycle
natural gas generating units. In February 2010, Cleco Power LLC
acquired Acadia Unit 1 and 50 percent of Acadia Power Station's
common assets from APP.
"With the sale of Acadia Unit 2 to Entergy complete, we have
further reduced our risk in the wholesale power market and
extracted additional value from our investment in Acadia, which
allows us to continue to provide value for our shareholders," said
Mike Madison, president and CEO of Cleco Corp. "We are very pleased
with the full outcome of our investment in the Acadia plant."
Acadia Power Station is located near Eunice, La. Cleco Power
will continue to operate the entire facility.
Cleco Corp. is a regional energy company headquartered in
Pineville, La. It operates a regulated electric utility company,
Cleco Power LLC, which serves about 279,000 retail customers across
Louisiana. Cleco also operates a wholesale energy business, Cleco
Midstream Resources LLC. For more information about Cleco, visit
www.cleco.com.
Analyst Contact: Cleco Corp. Russell Davis (318) 484-7501
Russell.Davis@cleco.com Media Contact: Cleco Corp. Fran
Phoenix (318) 484-7467
Cleco (NYSE:CNL)
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