AES to Sell Stake in Units in State, Mideast
AES Corp., an electricity producer trying to reduce debt, agreed to sell its share of power plants in California as well as in Bangladesh, Oman, Qatar and Pakistan for $327 million in cash. AES shares rose as much as 14%.
CDC Group, a British government-owned company that invests in poor countries, will buy two generators in Bangladesh for $127 million and assume $310 million in debt, AES said.
A Bahrain-based partnership agreed to buy AES’ stake in some Mideast plants for $150 million. Shares of Arlington, Va.-based-AES, rose 40 cents to close at $3.68 on the NYSE.