Edison Mission sells off foreign power assets, posts Q2 loss

California-based Edison Mission Energy is to sell its remaining foreign generation assets to London-based generator International Power and Japanese trader Mitsui & Co for $2.3 billion. International Power will take a 70% stake and Mitsui a 30% stake of the 5,381 megawatt (MW) plant portfolio.

The sale is expected to close in the fourth quarter of 2004. This transaction follows Edison Mission's late-July sale of its 51.2% holding in Contact Energy to Origin Energy for $750 million.

These two deals are expected to yield proceeds of some $2.5 billion to the electricity producer after taxes and transaction expenses, Edison Mission said.

The acquisitions complete the third step in the four-step restructuring plan announced by Edison Mission November 2003. These transactions, combined