Contact Energy generates about 30% of New Zealand’s electricity. EME announced the deal in July. EME’s parent company, Edison International, will use the cash proceeds to repay part of the $800 million secured loan at Mission Energy Holdings International.

This sale of Contact is part of EME’s previously announced plan to sell its entire portfolio of international energy assets in Europe, the Asia-Pacific region and Puerto Rico. EME agreed in August to sell the rest of the portfolio for $2.3