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Mirant Buys Into Partnership on New Power Plant

BOARDMAN, OR-The global energy provider is acquiring a 50% interest in the Coyote Springs 2 power plant as part of its plan to attain 35,000 megawatts nationwide by 2005.

By Joel Cone | Updated on October 25, 2001

BOARDMAN, OR-Mirant, an Atlanta-based global energy provider, has signed a letter of intent with Avista Corp. headquartered in Spokane, WA, to purchase a 50% interest in the 280-megawatt Coyote Springs 2 power plant. Currently under construction, the Coyote Springs plant is part of the firm’s effort to attain 35,000 megawatts of generation capacity nationwide by 2005. Located 160 miles east of Portland, the plant is scheduled to go online by mid-2002.

“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.

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