Power station sold for $115 million

TECO Power Services has today signed an agreement to sell its interest in the 370-megawatt Hardee Power Station in Florida to GTCR and Invenergy for $115 million.

TECO Energy’s TECO Power Services subsidiary today announced that it has signed an agreement to sell its interest in the 370-megawatt Hardee Power Station in Florida to GTCR and Invenergy for $115 million. The sale includes the assumption of all outstanding project-related debt.

The transaction is expected to close by the end of September, subject to certain regulatory and lender approvals.

‘This transaction will further strengthen TECO Energy’s financial position. In April, we identified a number of potential assets that could be sold to improve our financial position, including Hardee Power Station,’ commented TECO’s Chairman and CEO Robert D. Fagan.

‘With this agreement, we’ve demonstrated our commitment to the plan, and our continued refocus on our regulated utility operations,’ added Fagan.

The Hardee Power Station will continue to serve both Seminole Electric Cooperative and Tampa Electric under established long-term power purchase contracts. A TECO Power Services subsidiary will continue to operate the facility after the change of ownership.