abu dhabi 298.88.
(photo credit: Associated Press)
Utility company CMS Energy Corp. said Tuesday that it is selling a subsidiary with stakes in businesses in the Arab world, Ghana and India to a United Arab Emirates company for $900 million (â‚¬695 million).
CMS Energy, parent company of the Michigan power and natural gas supplier Consumers Energy, said the sale is aimed at "accelerating its financial recovery and allowing an increased focus on investments in its Michigan utility."
Jackson-based CMS Energy said it has a deal to sell CMS Generation Co. to the Abu Dhabi National Energy Co., or TAQA, and said that "subject to necessary consents," it expects to close the deal in mid-2007.
CMS Energy said it will use the money to lower its debt, invest in Consumers Energy and carry out other activities.
CMS Generation and Abu Dhabi National Energy's majority owner, the Abu Dhabi Water and Electricity Authority, have been partners in power and desalination projects in the United Arab Emirates.
The sale also includes CMS Energy's stake in the Jorf Lasfar Energy Co. in Morocco, the Jubail Energy Co. in Saudi Arabia, the Takoradi International Co. in Ghana, and the ST CMS Co. in India.
On Thursday, CMS Energy said it plans to sell its northern Michigan non-utility natural gas assets and certain businesses in Argentina for $180 million (â‚¬139 million) to Michigan-based Lucid Energy.
Consumers Energy provides natural gas and electricity to about 6.5 million of Michigan's 10 million residents.