Edison Mission Energy is Acquiring Interests in EcoElectrica
Edison Mission Energy, an Edison International company, is acquiring a 50% interest in EcoElectrica, a 540-megawatt, liquefied natural gas (LNG), combined cycle cogeneration project. The project, which is currently under construction in Penuelas, Puerto Rico, also includes a desalination plant and LNG storage and vaporization facilities.
Edison Mission Energy will acquire the 50% ownership interest from Kenetech Energy Systems or its subsidiaries for approximately $245 million. A subsidiary of Enron Corp. owns the other 50% of the project.
The project is a major step in PREPA's efforts to meet its power needs and to diversify the fuels used to generate electricity on the island. Currently, oil-fired units generate 98% of Puerto Rico's electricity.
Edison Mission Energy, an Edison International company, specializes in the development, acquisition, construction management and operation of global power production facilities.