CMS Energy has closed the sale of its business interests in Jamaica, completing an international divestiture plan that resulted in $1.5 billion in asset sales in 2007.
The company said that it completed the sale of its interests in the Jamaica Private Power Company and an associated company to AEI, an owner and operator of energy infrastructure businesses in emerging markets. Jamaica Private Power operates a 10-year old 63MW, diesel-fueled power plant located in Rockfort.
As with the previous sales, proceeds from the Jamaica sale will be used to reduce debt at CMS Energy and to invest in its Michigan utility, Consumers Energy.
David Joos, the president and CEO of CMS Energy, said: Our strategy has been to sell non-strategic assets and use the proceeds to pay off debt and invest in Consumers Energy. 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.