Edison Buys Into Puerto Rico Project
Edison Mission Energy said Wednesday it has agreed to buy a half interest in a Puerto Rican electricity generating project that uses clean-burning liquefied natural gas.
The Irvine company, a global arm of Edison International, will buy 50% of the EcoElectrica operation from Kenetech Energy Systems for $245 million. The other half is owned by an Enron Corp. subsidiary. The project, which is under construction, also includes a desalinization plant.
About 98% of Puerto Rico’s energy comes from oil-burning plants, many of them more than 35 years old. The EcoElectrica plant will be Puerto Rico’s cleanest, exceeding U.S. and World Bank standards, Edison International chairman John E. Bryson said.
