SINGAPORE (Oct 10): Asian commodities trader Noble Group on Monday announced the sale of US energy unit Noble Americas Energy Solutions (NAES) to Calpine Corporation for US$1.05 billion (S$1.44 billion), comprising US$800 million plus a repayment of US$248 million worth of NAES working capital. (See also: Noble Group CEO Alireza resigns; to sell Noble Americas Energy Solutions)(See also: Noble Group hunts investor as profit seen up to two years away)Calpine Corporation, a Fortune 500 company based in Houston, Texas, is America’s largest generator of electricity from natural gas and geothermal resources. These translate to additional working capital which will become available to Noble, says the group. “The sale of NAES substantially completes the US$2 billion capital raising initiative that we announced in June. With this divestiture, Noble will continue to reduce debt while also funding growth opportunities in our high return businesses” say co-CEOs Jeff Frase and Will Randall.

Source: The Edge Markets October 10, 2016 00:22 UTC