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.