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Navajo Nation company buys stake in Four Corners Power Plant

Posted by   /  July 11, 2018  /  No Comments

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The Navajo Generating Station in Page Arizona. Michael Friberg special to ProPublica.

 

By Noel Lyn Smith | Arizona Republic

The Navajo Transitional Energy Co. has acquired a 7 percent stake in units 4 and 5 of the Four Corners Power Plant in a purchase from 4C Acquisition LLC, an affiliate of Arizona Public Service Co., the power plant’s majority owner.

NTEC made the announcement in a press release.

The release stated the agreement was executed last week and the transaction closed on July 2.

Financial website 4-traders.com reported NTEC made the purchase for $70 million and will pay the purchase price over four years.

Completion of the purchase is subject to approval by the Federal Energy Regulatory Commission, the website reported.

The 7 percent interest in units 4 and 5 had been held by El Paso Electric Co., which sold the share to APS in 2016.

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