Power company Dynegy Inc. (DYN) said Friday that one of its subsidiaries has completed the sale of the Rolling Hills peaking plant located in Wilkesville, Ohio, to a company managed by Tenaska Capital Management, LLC for $368 million in cash.
The sale equates to more than $450 per kilowatt based on the plant's summer capacity rating, Dynegy noted.
Houston, Texas-based Dynegy expects to record a gain on the sale of $50 million, subject to adjustments for working capital and other items, in the third quarter 2008.
Dynegy shares are currently trading at $6.46, down 26 cents or 3.86%.
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