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AES Ironwood LLC Feb 11
Standard & Poors, Feb 2011
Abstract
AES Ironwood LLC (AES Ironwood) is a special-purpose, bankruptcy-remote entity that is wholly owned by AES Ironwood Inc., which AES Corp. in turn wholly owns. AES Prescott LLC, a wholly owned subsidiary of AES Ironwood Inc., operates the facility pursuant to a long-term operation and maintenance (O&M) agreement. AES Ironwood is a 705 MW combined-cycle, natural-gas-fired generating plant in South Lebanon Township, Pa. Since November 2007, the plant has seen multiple offtaker changes. In November 2007, Williams Companies Inc., the original power offtaker, assigned the power purchase agreement (PPA) to Bear Energy L.P., a unit of The Bear Stearns Companies LLC. However, effective July 2008, Bear Energy assigned AES Ironwood's toll to PPL EnergyPlus, a unit of PPL Corp. (BBB+/Stable/--),...
Companies mentioned in this report are: AES Ironwood LLC,AES Corp. (The),AES Red Oak LLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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