The court also granted final orders approving several other motions, including approval of the company’s long-term incentive plan for non-insiders, and approval for the planned sale of the company’s 5.06% interest in the Prairie State Energy Campus.
Once the court granted its approval, Peabody Energy announced it would sell its stake in Prairie State to the Wabash Valley Power Association for $57 million, subject to certain customary post-closing adjustments. Prairie State is a 1,600-megawatt coal-fired electricity generation plant and adjacent coal mine in Washington, St. Clair and Randolph counties in Illinois, and the plant commenced operations in 2012. It’s among the cleanest coal-fired plants in the nation and the lowest fuel cost coal plant in the United States.
