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Dynegy purchases remaining stake in two Ohio coal plants from AES

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Dynegy purchases remaining stake in two Ohio coal plants from AES

Dynegy Inc. closed its acquisition of the remaining ownership stakes in two coal-fired Ohio power plants from AES Ohio Generation LLC on Dec. 8.

AES Ohio owned a 28.10% stake in the W.H. Zimmer power plant and a 36% stake in units 7 and 8 of the Miami Fort plant. The AES Corp. subsidiary received $50 million in cash, plus an amount in cash equal to $20.1 million as a purchase price adjustment based on employment benefits, insurance premiums and other items, according to a Form 8-K.

Dynegy and AES entered into an asset purchase agreement in April, pursuant to which AES would sell all of its stakes in the generation facilities to Dynegy, subject to Federal Energy Regulatory Commission approval, for $50 million in cash and the assumption of certain liabilities. FERC approved the transaction Nov. 28. (FERC docket EC17-117)

Dayton Power and Light Co., another AES subsidiary, transferred its ownership to AES Ohio on Oct. 1 in connection with separating its generation business from its transmission and distribution businesses in accordance with an order of the Public Utilities Commission of Ohio.