Edison International

(EIX) - Get Report

said

Mirant

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(MIR)

is pulling out of an agreement to buy half of a Puerto Rico power project from Edison.

Edison said two Mirant units gave notice the were terminating an agreement to buy 50% of EcoElectrica, LP, located in Peneuelas, Puerto Rico.

Edison said it "does not agree that Mirant has the right to terminate the agreement and is reviewing its alternatives."

Mirant had previously agreed to buy half the stake for $600 million but has since been conserving cash and selling assets after having its credit rating lowered.