InterGen assets sold for $1.75 billion

and

today signed an agreement to sell

and 10 of its power plants to a partnership between

and

for $1.75 billion.

Shell currently owns 68 percent of InterGen, with the rest held by Bechtel. Excluded from the sale are InterGen's assets in the United States, Colombia, and Turkey, which will be reorganised and retained by Shell and Bechtel pending further review.

The InterGen plants to be sold are located in the UK, the Netherlands, Mexico, the Philippines, China, and Australia. InterGen's equity share in these plants amounts to 5,500 megawatts of production capacity.

The transaction is expected to close mid-2005 and is subject to certain conditions and regulatory approvals.