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Dominion completes sale of noncore assets, raises dividend

Dominion Energy Inc. said Dec. 14 that it completed a series of transactions involving the sale of noncore assets.

The company closed the sale of its 50% interest in the Blue Racer Midstream LLC joint venture to private equity firm First Reserve Corp. for a total consideration of up to $1.5 billion.

Dominion Energy also divested the 1,240-MW Fairless combined-cycle power station in Bucks County, Pa., and the 468-MW Manchester Street combined-cycle power station in Providence County, R.I., to an affiliate of Starwood Energy Group Global LLC for about $1.23 billion, not including working capital.

The company sold its 25% interest in Catalyst Old River Hydro LP, which owns the 192-MW Sidney A. Murray Jr. hydroelectric generating station in Concordia County, La., to an undisclosed buyer for a cash consideration of about $90 million.

In a separate Dec. 14 news release, Dominion Energy also announced a 2019 dividend of $3.67 per share of common stock, representing a 10% increase from the 2018 dividend of $3.34 per share.

Subject to the declaration of the company's board of directors in January, the first-quarter 2019 dividend will be 91.75 cents per share, payable in March 2019.