PPL buys natural gas-fired power plant in Pennsylvania
The plant is to be known as PPL Ironwood following the acquisition
Allentown, Pa., April 16, 2012 — PPL Corp. announced April 13 that it has completed the acquisition of AES Ironwood LLC and AES Prescott LLC, which together own and operate the 705-MW AES Ironwood combined-cycle natural gas-fired power plant in Lebanon, Pa., from a unit of AES Corp.
The plant is to be known as PPL Ironwood following the acquisition.
Total consideration for the transaction was about $302 million, consisting of a cash purchase price of $85 million, which includes $3 million in working capital, and $217 million of net project indebtedness of AES Ironwood, L.L.C.
The acquisition is not expected to have a material impact on PPL's earnings or financing plans.
PPL Corp., headquartered in Allentown, Pa., owns or controls about 19,000 MW of generating capacity in the U.S., sells energy in key U.S. markets, and delivers electricity and natural gas to about 10 million customers in the U.S. and the U.K.