AIG offloads energy portfolio for $1.9bn
AIG Financial Products (AIGFP) has sold the remainder of its energy and infrastructure investment portfolio for $1.9 billion as part of a winding down process.
The investment portfolio included AIGFP’s lease equity interest in the Bruce Mansfield coal-fired power plant, operated by First Energy, a tax equity interest in the Stanton wind farm in west Texas, and two lease equity interests in a portfolio of rail cars operated by Burlington Northern Santa Fe Corp.
Money raised from the sale will be used to help pay back AIG’s federal bailout debts of over $100 billion.
The purchaser of the portfolio was not disclosed.
In a statement, AIG said the sale of the portfolio is a “significant milestone” in the ongoing process of winding down the financial products business
AIGFP recently sold an interest in Tenaska Marketing Ventures, a stake in three operating Spanish solar photovoltaic power plants, and an interest in two volumetric production payment transactions.
Category: Companies News, Financials, Insurance News
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