Xcel Energy sells Piedrabuena

US-based Xcel Energy (NYSE: XEL) has sold its 620MW Piedrabuena thermoelectric plant in the Bahía Blanca area of Argentina's Buenos Aires province to local energy wholesaler Albanesi and New York-based Bell Investments, Xcel spokesperson Ed Legge confirmed to BNamericas. Xcel Energy sold its Corporación Independiente de Energía holding company, which owns Piedrabuena. Newspapers reported the deal was worth US$25mn, but Legge could not confirm the amount. Bell Investments financed the purchase and will take a minority stake in the plant, newspaper Cronista reported. Albanesi wanted to enter the generation market because it "considers the market will grow and the supply is limited," Cronista reported. The group would consider other acquisitions in the sector, the reports said. Piedrabuena has 3% of the country's total installed capacity, and produces 5% of total energy consumed. It has annual turnover of 90-100mn pesos. Xcel Energy wanted to sell the plant along with the rest of its international assets because it aims to focus on its vertically integrated core business in the US, Legge said. Xcel Energy's sole remaining asset in Argentina is its 76MW Energía del Sur plant in southern Chubut province after it offloaded its Ameghino hydroelectric plant in March.