HOUSTON, Oct. 15, 2003 — Reliant Resources announced that it has completed the sale of its 588-MW Desert Basin plant, located in Casa Grande, AZ, to Salt River Project Agricultural Improvement and Power District (SRP), of Phoenix, for $288.5 million.
SRP had been purchasing all of the power from Desert Basin under a 10-year, power-purchase agreement since the plant went into operation in 2001. The transaction, which was announced July 9, was subject to specified approvals and consents, all of which have been obtained.
Reliant Resources, Inc. based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the U.S. and Europe, marketing those services under the Reliant Energy brand name.
The company provides a complete suite of energy products and services to approximately 1.7 million electricity customers in Texas ranging from residences and small businesses to large commercial, industrial and institutional customers. Its wholesale business includes approximately 22,000 megawatts of power generation capacity in operation, under construction or under contract in the U.S.
The company also has nearly 3,500 megawatts of power generation in operation in Western Europe. For more information, visit our web site at www.reliantresources.com .