"We view this as a positive development both for our company and Mirant," says Gary G. Ely, chairman of Avista. "We will retain a significant portion of this important generation project in addition to working with Mirant."
As co-owners of the plant, Mirant and Avista will share equally in all construction and operating costs. To date, Avista has $140 million invested in construction, which is estimated to cost between $180 million and $190 million when completed. Additionally, the two firms will work jointly in marketing the plant's power production.
When completed, the combined-cycle power plant will be interconnected to the Bonneville Power Administration's transmission system and near the Stanfield natural gas hub.
If all goes according to plan, the sale is expected to close during the fourth quarter of the year, pending regulatory approval.
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