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FirstEnergy closes sale of 50% stake in Va. gas-fired plant

A FirstEnergy Corp. subsidiary closed the sale of its 50% interest in the 80-MW Buchanan power plant in Virginia to LS Power Development LLC affiliate Aspen Generating LLC.

The Buchanan gas-fired plant is operated by FirstEnergy subsidiary Allegheny Energy Supply Co. CNX Resources Corp. owns the remaining 50% of the plant.

The Federal Energy Regulatory Commission approved the transaction in late December 2017. The parties closed the deal March 1, according to a March 8 filing. (FERC docket EC17-197)

The transaction is related to the sale of four gas-fired facilities in Pennsylvania and a partial interest in a Virginia hydroelectric plant to LS Power under FERC docket EC17-83. The revised deal included the sale of the Buchanan stake and lowered the total purchase price to $825 million from $925 million.