PPL Corp. (PPL: Quote) announced that it has completed the acquisition of AES Ironwood, L.L.C. and AES Prescott, L.L.C. , which together own and operate the 705-megawatt AES Ironwood combined-cycle natural gas-fired power plant in Lebanon, Pa., from a subsidiary of The AES Corporation.
The plant is to be known as PPL Ironwood following the acquisition.
Total consideration for the transaction was approximately $302 million, consisting of a cash purchase price of $85 million, which includes $3 million in working capital, and $217 million of net project indebtedness of AES Ironwood, L.L.C.
The acquisition is not expected to have a material impact on PPL's earnings or financing plans, PPL Corp said.
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by RTT Staff Writer
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