JACKSON, Mich., Oct. 30 /PRNewswire-FirstCall/ -- CMS Energy announced today that it has closed on the sale of its business interests in Jamaica, completing an international divestiture plan that resulted in $1.5 billion in asset sales this year.
The company said it completed the sale of its interests in the Jamaica Private Power Company and an associated company to AEI, an owner and operator of energy infrastructure businesses in emerging markets. Jamaica Private Power operates a 63 megawatt, diesel-fueled power plant located in Rockfort, Kingston, Jamaica. The facility entered commercial operation in 1997.
As with the previous sales, proceeds from the Jamaica sale will be used to reduce debt at CMS Energy and invest in its Michigan utility, Consumers Energy.
David Joos, the president and chief executive officer of CMS Energy, said the international sales program was a key component in the company's successful restructuring strategy.
"Our strategy has been to sell non-strategic assets and use the proceeds to pay off debt and invest in Consumers Energy. Over the next five years, we plan to invest $6 billion in energy efficiency, renewable energy, environmental and customer service enhancements, and power generation to meet Michigan's growing electricity needs. The proceeds from international asset sales have been a major source of funds to support this investment," Joos said.
Joos added Consumers Energy is committed to Michigan and the major investments the utility plans to make will play an important role in the state's economic recovery.
"The $6 billion that we plan to invest in Michigan's infrastructure over the next five years will create thousands of new jobs, expand the tax base of the state and local communities and help us to continue to provide safe and reliable electric and natural gas service to our customers, while keeping rates competitive and affordable," he said.
CMS Energy is a Michigan-based company that has as its primary business operations an electric and natural gas utility, natural gas pipeline systems, and independent power generation. Consumers Energy provides natural gas and electricity to nearly 6.5 million of Michigan's 10 million residents in all 68 Lower Peninsula counties.
For more information on CMS Energy, please visit our web site at: http://www.cmsenergy.com/
