FirstEnergy Enters into Definitive Agreement on Sale of Fremont Energy Center for $485M

FirstEnergy Corp. FE today entered into a definitive agreement to sell the Fremont Energy Center in Fremont, Ohio, to American Municipal Power, Inc..

Under terms of the agreement, the facility would be purchased by AMP for approximately $485 million, based on 685 megawatts of output. The transaction would close on or about July 1, 2011. The companies signed a Memorandum of Understanding for the transaction in February 2011.