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Fortune 500 Power Company Buying SeaWest

AES Corp., the Arlington, Va.-based power generating company, announced Jan. 11 that it plans to acquire privately held SeaWest Holdings, Inc. of San Diego for $225 million.

SeaWest develops and operates wind power facilities in California, Oregon and Wyoming. It employs 35 people in San Diego County and 176 people in total.

A company spokeswoman said layoffs were not expected.

AES agreed to pay $60 million cash for SeaWest Holdings Inc. Additionally, it will pay $165 million for SeaWest’s Buffalo Gap wind generation project near Abilene, Texas. Crews have yet to begin construction on the Texas project.

The transaction is expected to close during the first quarter of 2005 and is subject to regulatory approval.

SeaWest Holdings, Inc. is the parent company to SeaWest WindPower, Inc. and Prasentia, LLC. Prasentia has seven employees, and specializes in information technology for the unique needs of wind power plants.

AES is an $8.4 billion company with interests in power plants and power distribution. The company trades on the New York Stock Exchange under AES.

Brad Graves

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