San Diego-based SeaWest wind farms sold for $60 million cash
ASSOCIATED PRESS
12:16 p.m. January 11, 2005
ARLINGTON, Va. (Dow Jones/AP) – Power producer The AES Corp. has agreed to acquire wind energy company SeaWest Holdings Inc. for about $60 million in cash, which AES said will make it one of the top developers and operators of wind farms in the United States.
San Diego-based SeaWest is a privately owned company that operates more than 500 megawatts of wind facilities in California, Wyoming and Oregon and has 1,800 megawatts of development sites in 10 states in the western United States. It employs 175 people.
Arlington-based Tuesday said it expects the acquisition to close by the end of the first quarter, subject to regulatory approvals.
AES also plans to acquire and construct SeaWest's 120-megawatt Buffalo Gap wind generation project near Abilene, Texas, at an estimated cost of $165 million.
AES plans to begin construction early this year, and the facility is expected to become operational in the fourth quarter.
AES said its acquisition of SeaWest, combined with its recent investment in US Wind Force LLC, advances its goal of becoming a strong competitor in wind generation.
US Wind Force focuses on wind energy projects in the eastern part of the country.
The SeaWest deal will give AES operating or planned wind projects in 13 states, and development options on more than 100,000 acres of land.
AES runs in 111 power plants in 27 countries. It shares fell 6 cents to $13.04 in early afternoon trading on the New York Stock Exchange.
