PPL Corp acquires AES Ironwood, L.L.C. and AES Prescott, L.L.C. (AES Ironwood power plant)

PPL Corp acquired AES Ironwood, L.L.C. and AES Prescott, L.L.C. (AES Ironwood power plant) for $302 million, a transaction completed in April 2012, structured as Acquisition of the AES Ironwood and AES Prescott entities from a subsidiary of The AES Corporation; cash plus assumed net project indebtedness.

AES Ironwood, L.L.C. and AES Prescott, L.L.C. (AES Ironwood power plant) operates in Competitive power generation (combined-cycle natural gas), is based in United States (Lebanon, Pennsylvania; PJM market). PPL's competitive generation subsidiary, PPL Generation, LLC, acquired AES Ironwood, L.L.C. and AES Prescott, L.L.C. from a subsidiary of The AES Corporation. Together the entities own and operate the 705-megawatt AES Ironwood combined-cycle natural gas-fired power plant in Lebanon, Pennsylvania, which began operating in 2001 and was renamed PPL Ironwood after the deal. For the prior four years, PPL EnergyPlus had supplied natural gas to the plant under a tolling agreement securing its full output.

PPL described the deal as an excellent opportunity to bring into full ownership additional combined-cycle gas generation within the PJM market at an attractive valuation.

Advisory firms were not disclosed for this transaction.

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