PPL acquires 705-MW gas plant in Pennsylvania

PPL Corp. (NYSE: PPL) on April 13 said it has completed the acquisition of AES Ironwood LLC and AES Prescott LLC from a subsidiary of AES Corp.

AES Ironwood and AES Prescott together own and operate the 705-MW AES Ironwood combined-cycle natural gas-fired power plant in Lebanon, Pa. Following the acquisition, the plant now becomes PPL Ironwood.

Total consideration for the transaction was about $302 million, consisting of a cash purchase price of $85 million, which includes $3 million in working capital and $217 million of net project indebtedness of AES Ironwood LLC, PPL said in a statemenmt.

PPL said that the acquisition is not expected to have a material impact on its earnings or financing plans.