Peabody Energy, the world's largest private-sector coal company and a Fortune 500 company, announced has completed the sale of its 5.06% participation interest in the Prairie State Energy Campus, to the Wabash Valley Power Association for US$57 million, subject to certain customary post-closing adjustments.
Peabody expects to use the transaction proceeds for general corporate purposes. Peabody previously announced the sale in January 2016 following a competitive bidding process as part of the company's emphasis on portfolio optimisation and sale of non-core assets.
Prairie State is a 1,600 MW coal-fired, electrical power plant with an adjacent coal mine in Washington, St Clair and Randolph counties in Illinois, US. The plant began operations in 2012. It is among the cleanest coal-fired plants in the nation and the lowest fuel cost coal plant in the US.
Peabody serves metallurgical and thermal coal customers in 25 countries on six continents.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/power/20052016/peabody-sells-interest-in-prairie-state-energy-campus-816/