PINEVILLE, LA -- (Marketwire) -- 04/29/11 -- Acadia Power Partners, LLC (APP) announced effective today that it has completed the sale of Unit 2 at Acadia Power Station and 50 percent of Acadia Power Station's common assets to Entergy Louisiana, LLC, a subsidiary of Entergy Corp. (NYSE: ETR), for approximately $300 million.
Cleco Corp. (NYSE: CNL) indirectly owns 50 percent of APP through its Cleco Midstream Resources LLC subsidiary. Cleco received approximately $150 million from the sale transaction.
Acadia Power Station consists of two 580-megawatt combined-cycle natural gas generating units. In February 2010, Cleco Power LLC acquired Acadia Unit 1 and 50 percent of Acadia Power Station's common assets from APP.
'With the sale of Acadia Unit 2 to Entergy complete, we have further reduced our risk in the wholesale power market and extracted additional value from our investment in Acadia, which allows us to continue to provide value for our shareholders,' said Mike Madison, president and CEO of Cleco Corp. 'We are very pleased with the full outcome of our investment in the Acadia plant.'
Acadia Power Station is located near Eunice, La. Cleco Power will continue to operate the entire facility.
Cleco Corp. is a regional energy company headquartered in Pineville, La. It operates a regulated electric utility company, Cleco Power LLC, which serves about 279,000 retail customers across Louisiana. Cleco also operates a wholesale energy business, Cleco Midstream Resources LLC. For more information about Cleco, visit www.cleco.com.