* Cuts full-year earnings forecast
* Proceeds to be used to buy back shares, repay debt
Sept 28 Teco Energy Inc said it will sell
its equity interests in two power stations and related
facilities in Guatemala for $227.5 million in cash to focus on
its U.S. operations.
The company said its unit, Teco Guatemala, will sell the
Alborada and San Jose power stations and the related solid-fuel
handling and port facilities to privately held Sur Electrica
Teco Energy said it expected the sale to be dilutive to its
earnings in 2013 and 2014.
The company cut its full-year earnings forecast from
continuing operations to between $1.10 and $1.20 per share from
between $1.20 and $1.30 per share to account for the
classification of Teco Guatemala as discontinued operations.
Tampa, Florida-based Teco will use the proceeds to buy back
shares and to repay San Jose project debt.
The sale of the Alborada Power Station closed on Sept. 27,
while that of San Jose could be as late as March 2013, the
Shares of Teco, valued at $3.82 billion, closed at $17.70 on
the New York Stock Exchange on Thursday.