CalEnergy Buying Edison Mission’s Stake
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IRVINE — An Omaha company that owns a 50% stake in four geothermal power plants said Thursday it will spend $70 million to buy the remaining interest from Edison Mission Energy.
Under the agreement, CalEnergy will acquire Edison Mission’s 50% stake in the Vulcan, Hoch, Leathers and Elmore power plants in California’s Imperial Valley. Geothermal plants use hot water taken from the ground to produce steam, which is forced into turbines to produce energy.
“Since we already own 50% of the plants and operated them, it made sense both economically and from a management perspective to take over the other 50%,” said Dale Schuster, vice president in charge of administration at CalEnergy.
Edison Mission Energy is a subsidiary of Edison International, which is also the parent company of Southern California Edison.
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