Sempra Energy (SRE)

[tp2rla]

Sempra Generation to acquire
full ownership of El Dorado Energy

Sempra Generation today announced it has entered into an agreement to purchase Reliant Energy’s 50-percent interest in El Dorado Energy, a 480-megawatt (MW) natural gas fired, combined-cycle power plant in Boulder City, Nev., for a total value of $132 million. The payment to Reliant Energy, net of project debt and closing adjustments, is expected to be approximately $75 million.

“The acquisition of the second half of the El Dorado Energy facility is a natural extension for Sempra Generation, because the plant is located in the heart of the southwestern U.S. marketplace, an area where we have an established presence,” said Michael R. Niggli, president of Sempra Generation. “Since El Dorado Energy commenced operations in May 2000, Sempra Generation’s power assets have grown from that initial 240 megawatts to more than 3,800 megawatts in Nevada, Arizona, California, Texas and Mexico.”

Sempra Generation and Reliant Energy originally announced their joint 50-50 ownership in the El Dorado Energy project in 1997.

El Dorado Energy
The plant is located about 40 miles southeast of Las Vegas and has unrestricted access to multiple power markets. In addition to providing clean, efficient energy to the Southwest markets, El Dorado Energy also is equipped with a 100-kilowatt solar field, comprised of 256 panels that track the sun’s path through the Nevada sky.