April 27, 2018 Read More →

Email Reveals Potential Buyer for Navajo Coal-Fired Plant

Associated Press:

The potential investors of a coal-fired power plant in northern Arizona have been identified as a New York-based firm that focuses on distressed companies and one of its subsidiaries in the utility business.

The Navajo Generating Station near Page is set to close in December 2019 unless a new owner is found, costing hundreds of good-paying jobs on the Navajo and Hopi reservations.

The investment banking firm Lazard Freres has been leading the search for a new buyer after being hired by the plant’s sole coal supplier, Peabody Energy, Inc.

The potential buyers were identified publicly for the first time this week as Avenue Capital Group and Deerfield, Illinois-based Middle River Power. The information came in emails between a Lazard representative and the general manager of the Central Arizona Project, who were trying to set up a meeting to talk about power purchase agreements.

The emails were shared by the Institute for Energy Economics and Financial Analysis, a nonprofit research group that has been following the coal industry. A spokeswoman for the Central Arizona Project confirmed their authenticity.

Email Reveals Potential Buyer for Navajo Coal-Fired Plant

Posted in: IEEFA In the News

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