<< [Back to News Releases]

Court Approves Avista Purchase of Remaining Interest in Coyote Springs 2
Transaction now requires FERC approval for completion

Spokane, Wash.: The U.S. Bankruptcy Court has approved the sale of half of the Coyote Springs 2 generating station to Avista Corp. (NYSE: AVA) from Mirant (OTC Pink Sheets: MIRKQ). If the Federal Energy Regulatory Commission and other agencies approve the sale, Avista will own the entire facility.

The purchase price is $62.5 million, subject to adjustment. If approved the transaction will give Avista an additional 140 megawatts of generating capacity to serve its customers’ future energy needs.

Because Mirant and certain of its affiliates are currently in bankruptcy, the agreement was subject to approval of the U.S. Bankruptcy Court. The transaction could be completed in the first quarter of 2005 if the remaining regulatory approvals are successful.

Coyote Springs 2 is located near Boardman, Oregon. The 280-megawatt, natural gas powered, combined cycle combustion turbine began commercial operation in July 2003. Mirant purchased a half interest in the plant from Avista during construction in 2001.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is a company operating division that provides service to 325,000 electric and 300,000 natural gas customers in four western states. Avista’s non-regulated subsidiaries include Avista Advantage and Avista Energy. Avista Corp.’s stock is traded under the ticker symbol “AVA.” For more information about Avista, please visit www.avistacorp.com.

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation. All other trademarks mentioned in this document are the property of their respective owners.


<< [Back to News Releases]

©2017 Avista Corporation. All Rights Reserved.