NEW YORK (
American International Group
may have shed energy and infrastructure investment assets today, but it hardly did it for free.
In fact, as the company announced today, AIG Financial Products raked in more than $1.9 billion for the sale of its lease equity interest in a Bruce Mansfield power generation plant operated by FirstEnergy.
"The completion of the sales effort for this portfolio is a significant milestone in the ongoing process of winding down AIGFP's business," Gerry Pasciucco, AIGFP chief operation officer said in a statement. "The aggregate net proceeds realized for AIG represent very strong execution in challenging market conditions."
The sale follows recent closings of three other sales: a tax equity interest in the Stanton wind farm in west Texas and two lease equity interests in portfolios of rail cars operated by BNSF Railway Company.
Other AIG Financial Products have already been sold, including its interest in Tenaska Marketing Ventures, its interest in two volumetric production payment transactions and its stake in three operating Spanish solar photovoltaic power plants.
Reported by Jeanine Poggi in New York.
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