El Paso said the move was designed to enable it to reduce its debt, net of cash, to approximately $15 billion by year-end 2005. The Texas-based energy provider is currently in the middle of a long term goal to significantly reduce debt. Since mid-March the company has announced or closed $0.6 billion of its targeted $1.2 billion to $1.6 billion of asset sales.
In China El Paso holds an approximate 26% indirect ownership interest in the Meizhou Wan power plant representing 190 megawatts; an 80% indirect ownership interest in the Nanjing power plant, representing 60 megawatts; a 60% indirect ownership interest in the Suzhou power plant, also representing 60 megawatts; and a 60% indirect ownership interest in the Wuxi power plant, representing 25 megawatts.
