Mirant nets $300 million in sale

Mirant recently announced that it has completed the sale of its 33 percent economic interest in the Shajiao C power plant in China to China Resources Power Holding for $300 million.

According to a statement, proceeds from the sale increased Mirant’s liquidity to $1.4 billion, allowing the company to eliminate a $254 million loan at its Asian holding company.

Shajiao C is a 1,960-megawatt power plant located near Hong Kong and is the largest coal-fired power plant in the Guangdong Province.

Mirant originally purchased its 32 percent economic interest in Shajiao C as part of the company’s acquisition of Consolidated Electric Power Asia in 1997. Mirant purchased an additional one percent interest in 2001 when it acquired Laito Company Limited, a minority shareholder in the project.

Following the sale of Mirant’s interest in Shajiao C, the company’s remaining Asian assets are its seven power plants in the Philippines and one power plant on Guam.

On the web