November 14, 2008
PSEG Global Divests 85% Ownership Share in Bioenergie
PSEG Global has sold its 85% ownership share in Bioenergie, an Italian biomass generation company, to Emmevu Green, an affiliate of its partner, for approximately E30 million.
Bioenergie owns a 20MW plant in Bando d'Argenta and 50% of a 40MW plant in Stongoli and a 20MW plant in Crotone. PSEG's 85% interest in Bioenergie equaled a 43MW equity interest in these plants. After realization of tax benefits, the sale will produce after-tax cash to PSEG of approximately $70 million.
PSEG Global has two remaining international investments, a 20% ownership stake in a 330MW power plant in India and a 50% stake in two 30MW power plants in Venezuela. These assets have a total book value of around $50 million, said PSEG.