|AIG FINANCIAL PRODUCTS CORP. COMPLETES DISPOSITION OF ENERGY AND INFRASTRUCTURE INVESTMENT PORTFOLIO|
NEW YORK--Aug. 11, 2009-- AIG Financial Products Corp. (AIGFP), an AIG company (AIG), reported today that it has completed the sale of its energy and infrastructure investment assets, realizing aggregate net proceeds in excess of $1.9 billion.
Gerry Pasciucco, AIGFP Chief Operating Officer said, “The completion of the sales effort for this portfolio is a significant milestone in the ongoing process of winding down AIGFP’s business. The aggregate net proceeds realized for AIG represent very strong execution in challenging market conditions.”
This disposition effort, which began during the fall of 2008, concluded with AIGFP’s sale of its lease equity interest in the Bruce Mansfield power generation plant operated by FirstEnergy Corp. The Mansfield sale follows recent closings of three other sales: a tax equity interest in the Stanton wind farm in west Texas and two lease equity interests in portfolios of rail cars operated by BNSF Railway Company.
AIGFP has previously announced certain other asset sales from the portfolio, including its interest in Tenaska Marketing Ventures, its interest in two volumetric production payment transactions and its stake in three operating Spanish solar photovoltaic power plants.
“These recent asset sales provide a positive conclusion to a very successful disposition program for AIGFP’s energy and infrastructure portfolio,” Mr. Pasciucco said.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
AIG Financial Products Corp.