John Hancock Affiliate Buys El Paso Plants
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An affiliate of Manulife Financial Corp.’s John Hancock Life Insurance Co. exercised an option to buy El Paso Corp.’s interests in 10 power plants in California for $28 million.
Redwood, an affiliate of John Hancock and a partner in the 10 plants, exercised a right of first refusal to buy El Paso’s stakes in the plants, El Paso said. The sales closed Friday.
The plants in which Redwood is buying stakes are known as the Juniper Generation Plants, according to El Paso documents. The largest is the Crockett plant in Crockett, Calif. Eight of the plants are in Bakersfield.
Shares of El Paso rose 19 cents to $7.91, and Manulife fell 15 cents to $38.92, both on the NYSE.
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