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By Times Staff and Wire Reports
Published May 9, 2006

Progress to sell pair of power plants

Progress Energy Inc. said Monday it has agreed to sell a 320-megawatt power plant in DeSoto County and a 925-megawatt power plant in Rowan County, N.C., to Southern Co. of Atlanta for $405-million. Progress, which plans to use the proceeds to pay off debt, said it will record an impairment charge of $70-million in the second quarter related to the transaction. The Raleigh, N.C., parent of Progress Energy Florida of St. Petersburg said it also signed 25-year agreements to sell electricity from three of its wholesale power plants in Georgia to Southern subsidiary Georgia Power starting in June 2009. In a separate transaction, Progress said it signed a six-year agreement to purchase wholesale power from Southern starting in January 2009.

Chicago firm buys properties in Pinellas

First Industrial Realty Trust paid has $40-million for a 19-building, 500,000-square-foot portfolio in Pinellas County. The Chicago-based company bought industrial service center property in five business parks: Bryan Dairy, Cross Bayou, Pinebrook, Starkey and Turtle Creek. The seller was the Adler Group. The property, mostly divided into flex space averaging 5,000 square feet, is 70 percent leased, First Industrial said.

Solomon to acquire power supply maker

Solomon Technologies Inc. of Tarpon Springs said Monday it signed a letter of intent to acquire Power Solutions Inc., a Long Island, N.Y., maker of commercial power supply systems, for $5-million in cash. Solomon, a maker of electric drive systems, said it is negotiating a definitive sale agreement and expects the deal to close by the end of June. In January, Solomon filed a complaint with the International Trade Commission alleging that Toyota Motor Corp.'s Prius and Highlander hybrid vehicles infringe on one of Solomon's patents.

T-bill rates rise

Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels since early 2001. The Treasury Department auctioned $15-billion in three-month bills at a discount rate of 4.740 percent, up from 4.685 percent last week. An additional $14-billion in six-month bills was auctioned at a discount rate of 4.830 percent, up from 4.780 percent last week.

CLARIFICATION

A free identity theft and credit monitoring service offered by SunTrust Banks does not require a minimum monthly balance on eligible checking accounts. However, if minimum balances are not maintained, fees are charged for the checking accounts. Because of information provided by SunTrust, that point was not clear in an item Monday.

[Last modified May 9, 2006, 06:46:21]