Blackstone's Sithe Pulls Out Of $835M Guyana Hydro Project

Law360, New York (August 12, 2013, 7:22 PM EDT) -- Unable to secure unanimous approvals from Guyana's warring political parties, The Blackstone Group-backed Sithe Global Power LLC is pulling the plug on an $835 million hydroelectric power plant it had been working on in a public-private partnership, it said Sunday.

The unanimous approvals were a condition on Sithe's international development funds for the Amaila Falls Hydroelectric project, Sithe said. And without the funds, it has decided to not continue moving forward in the public-private partnership.

On top of equity from Sithe and the local government, the...
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