AEP completes sale of interest in Texas cogen to ConocoPhillips
COLUMBUS, Ohio.– American Electric Power (NYSE: AEP) has completed the sale of its 50 percent interest in the Sweeny Cogeneration plant in Texas to ConocoPhillips for approximately $80 million, including working capital items and the assumption of project debt.
The sale was announced Aug. 21.
Sweeny Cogeneration is a nominal 450-megawatt cogeneration plant located within ConocoPhillips’ Sweeny refinery complex approximately 80 miles southwest of Houston. The cogeneration plant began commercial operations in January 1998.
Proceeds from the transaction will be used to reduce short-term debt and for general corporate purposes. As a result of the sale, AEP expects to record a non-recurring pre-tax gain of approximately $44 million in the fourth quarter.
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