Dominion Reaps $650M In Power Plants Sale To Energy Capital

Law360, New York (March 11, 2013, 12:32 PM EDT) -- Virginia power company Dominion Resources Inc. has agreed to sell three U.S. coal-fired generating facilities in Massachusetts and Illinois to New Jersey private equity firm Energy Capital Partners for roughly $650 million, Dominion said Monday.

The firm will unload a plant in Massachusetts and two in Illinois in its departure from the merchant coal-fired generation business. Dominion said it planned to use proceeds from the sale to pay down debt and invest in its core transmission and gas production business.

"Dominion announced last September that it...
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