Duke Energy subsidiary buys Shirley Wind Farm in Glenmore, Wisconsin, from CH Energy subsidiary; CH Energy to use proceeds to repay approximately US$20M in outstanding debt, repurchase common stock
POUGHKEEPSIE, New York
August 12, 2011
– CH Energy Group, Inc. (NYSE:CHG) subsidiary Central Hudson Enterprises Corporation has sold the Shirley Wind Farm facility in Glenmore, Wisconsin, to DEGS Wind I, LLC, a subsidiary of Duke Energy Corporation. The closing took place today. The wind project was first acquired by CH Energy Group in 2009.
“This divestiture is consistent with CH Energy Group’s strategy,” said Chairman of the Board, President and C.E.O. Steven V. Lant. “Proceeds available to CH Energy Group from this sale are anticipated to repay approximately $20 million in outstanding CH Energy Group debt and repurchase common stock,” he said.
“After including the financial effect of the early debt retirement, this transaction is expected to result in a modest gain,” Lant added.
Morrison & Foerster served as legal counsel and Marathon Capital as financial advisor to CH Energy Group.
About CH Energy Group, Inc.:
CH Energy Group, Inc. is predominantly a regulated transmission and distribution utility, headquartered in Poughkeepsie, NY. Central Hudson Gas & Electric Corporationserves approximately 300,000 electric and about 74,000 natural gas customers in eight counties of New York State’s Mid-Hudson River Valley, delivering natural gas and electricity in a 2,600-square-mile service territory that extends north from the suburbs of metropolitan New York City to the Capital District at Albany. CH Energy Group also operates Central Hudson Enterprises Corporation (CHEC), a non-regulated subsidiary composed primarily of Griffith Energy Services, which supplies energy products and services to approximately 57,000 customers in the Mid Atlantic Region, as well as several renewable energy investments.