Mirant has completed the sale of its 50% ownership interest of Coyote Springs Unit 2 to Avista Corporation for $62.5 million after receiving approval from The US Bankruptcy Court.
Coyote Springs 2 is a 280-megawatt gas-fired power plant located near Boardman, Oregon. The unit began commercial operations in July 2003. Upon ratification from the Federal Energy Regulatory Commission Avista will own 100% of the power facility.
This transaction is consistent with Mirant’s business plan and restructuring. We continue to focus on core assets throughout the US and maximize value for creditors as we work toward emerging from chapter 11, said Curt Morgan, executive vice president and COO of Mirant.
Mirant produces and sells electricity in the US, the Caribbean, and the Philippines. The company owns or controls more than 17,000-megawatts of electric generating capacity globally.