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CMS sells Jamaica power plant for $14 million
October 31, 2007
BY ALEJANDRO BODIPO-MEMBA
FREE PRESS BUSINESS WRITER
CMS Energy said it completed the sale of its interests in the Jamaica Private Power Co. to AEI in a deal valued at $14 million.
The Jackson-based energy company and parent company to Consumers Energy said the previously announced sale of the 63 megawatt, diesel-fueled power plant located in Kingston is part of the company’s overall plan to divest itself from international markets. The facility began commercial operations in 1997.
Houston-based AEI, formerly Ashmore Energy International is an owner and operator of energy infrastructure businesses in emerging markets. Following the transaction, AEI will have an 84.4% indirect interest in Jamaica Private Power Co.
“Our strategy has been to sell non-strategic assets and use the proceeds to pay off debt and invest in Consumers Energy,” said David Joos, President and Chief Executive Officer of CMS. “Over the next five years, we plan to invest $6 billion in energy efficiency, renewable energy, environmental and customer service enhancements, and power generation to meet Michigan’s growing electricity needs. The proceeds from international asset sales have been a major source of funds to support this investment.”
The company’s international divestiture plan has resulted in $1.5 billion in asset sales so far this year.
“The $6 billion that we plan to invest in Michigan’s infrastructure over the next five years will create thousands of new jobs, expand the tax base of the state and local communities and help us to continue to provide safe and reliable electric and natural gas service to our customers, while keeping rates competitive and affordable,” Joos said.
CMS provides natural gas and electricity to about 6.5 million customers across Michigan’s Lower Peninsula through its Consumers Energy subsidiary.
Contact ALEJANDRO BODIPO-MEMBA at 313-222-5008 or abodipo@freepress.com .
October 31, 2007
BY ALEJANDRO BODIPO-MEMBA
FREE PRESS BUSINESS WRITER
CMS Energy said it completed the sale of its interests in the Jamaica Private Power Co. to AEI in a deal valued at $14 million.
The Jackson-based energy company and parent company to Consumers Energy said the previously announced sale of the 63 megawatt, diesel-fueled power plant located in Kingston is part of the company’s overall plan to divest itself from international markets. The facility began commercial operations in 1997.
Houston-based AEI, formerly Ashmore Energy International is an owner and operator of energy infrastructure businesses in emerging markets. Following the transaction, AEI will have an 84.4% indirect interest in Jamaica Private Power Co.
“Our strategy has been to sell non-strategic assets and use the proceeds to pay off debt and invest in Consumers Energy,” said David Joos, President and Chief Executive Officer of CMS. “Over the next five years, we plan to invest $6 billion in energy efficiency, renewable energy, environmental and customer service enhancements, and power generation to meet Michigan’s growing electricity needs. The proceeds from international asset sales have been a major source of funds to support this investment.”
The company’s international divestiture plan has resulted in $1.5 billion in asset sales so far this year.
“The $6 billion that we plan to invest in Michigan’s infrastructure over the next five years will create thousands of new jobs, expand the tax base of the state and local communities and help us to continue to provide safe and reliable electric and natural gas service to our customers, while keeping rates competitive and affordable,” Joos said.
CMS provides natural gas and electricity to about 6.5 million customers across Michigan’s Lower Peninsula through its Consumers Energy subsidiary.
Contact ALEJANDRO BODIPO-MEMBA at 313-222-5008 or abodipo@freepress.com .
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