NSTAR (NST: Quote)said it is selling its wholly-owned subsidiary, Medical Area Total Energy Plant to a joint venture comprised of Veolia Energy North America and Morgan Stanley Infrastructure Partners for approximately $320 million in cash.
Medical Area Total Energy Plant provides heating, chilled water service and electricity to several hospitals, medical research and biotechnology centers and teaching institutions in the Longwood Medical Area of Boston.
The sale is expected to close in the first quarter or early part of the second quarter of 2010.
Proceeds from the transaction are anticipated to be used to reduce NSTAR's capitalization.
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by RTT Staff Writer
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