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American Electric to sell 4 power plants to newly formed JV

Sept 14 Power plant operator American Electric Power said it would sell four of its power plants with a total capacity of about 5,200 MW for about $2.17 billion to a newly formed joint venture.

The company said a joint venture of Blackstone Group LP and ArcLight Capital Partners LLC would buy the plants, three of which are in Ohio and one in Indiana.

American Electric said it expects to receive about $1.2 billion in cash and record a gain of about $140 million from the deal. (Reporting By Sudarshan Varadhan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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