PSE&G

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completed the sale of its indirect ownership interests in two electric generating facilities located in Poland.

The New Jersey-based company also stated that it received an approval from the Brazilian government to sell of its ownership interest in the Rio Grande Energia electric distribution company.

It is expected that these combined transactions will generate net proceeds over $600 million after taxes, which is a net after-tax gain of about $50 million and a net increase in equity of over $225 million. PSEG is evaluating the use of the proceeds including potential debt redemption and loans and/or dividends to PSEG.

"The sale of our interests in the two power plants in Poland and electric distribution company in Brazil is part of a publicly announced and ongoing program of selectively reducing corporate exposure to international markets when attractive opportunities are available," the company siad.

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