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BG Group buys US power plant for 685 million dollars
AFP
LONDON
Petroleumworld.com 12 29 06The British gas giant BG Group said on Thursday that it had bought a power station in Connecticut in the United States for 685 million dollars (522 million euros).
The 805 megawatt gas and oil-fired combined cycle Lake Road plant is located in Dayville, Connecticut, in the northeast of the country, BG said in a statement.
The deal was expected to be completed in the first quarter of 2007, subject to regulatory approval, it added.
BG is expanding into the United States and in October bought the 170 megawatt Dighton power plant in Massachusetts.
"The acquisition of Lake Road represents an important step in the implementation of our integrated US strategy," said Martin Houston, BG's executive vice president for the north America region.
"Lake Road and Dighton have the potential to offer BG attractive returns and will be readily integrated into our growing US gas business," he added.
AFP 28 0917 GMT 12 06
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