Reliant sells utilities for $975 million

HOUSTON, Oct. 3 (UPI) -- Investors led by Madison Dearborn Partners and US Power Generating Co. will pay $975 million to Reliant Energy Inc. for three New York City power plants.

The assets in the deal, expected to close early next year, have a combined summer capacity rating of about 2,100 megawatts, American City Business Journals reported Monday.

The Houston-based power company will use proceeds from the sale to cut debt and "general corporate purposes."

Reliant acquired the three plants when it bought Orion Power Holdings in February 2002.