HOUSTON--(BUSINESS WIRE)--
Dynegy Inc. (NYSE: DYN) has finalized the sale of its 50% equity interest in the Elwood Energy Facility to its partner, J-Power USA Development Co. Ltd. for $172.5 million in cash. The natural gas-fueled peaking facility in Elwood, IL has a 1,580 megawatt capacity.
As part of the transaction, approximately $35 million in previously posted collateral has been returned to Dynegy, and the nonrecourse asset-level financing remains with the new owner. As previously noted, Dynegy intends to use the net proceeds from the sale to satisfy a portion of the Energy Capital Partners buyout obligation.
FORWARD-LOOKING STATEMENT
This news release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements,” particularly those statements concerning the use of net proceeds from the sale of the transaction. These statements are based on the current expectations of Dynegy’s management discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy’s filings with the Securities and Exchange Commission (the “SEC”). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled “Risk Factors” in its 2015 Form 10-K and subsequent Form 10-Qs. Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.
ABOUT DYNEGY
At Dynegy, we generate more than just power for our customers. We are committed to being a leader in the electricity sector. Throughout the Midwest and Northeast, Dynegy operates power generating facilities capable of producing nearly 25,000 megawatts of electricity—or enough energy to power about 21 million American homes. We’re proud of what we do, but it’s about much more than just output. We’re always striving to generate power safely and responsibly for our wholesale and retail electricity customers who depend on that energy to grow and thrive.
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