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3 December 2007 -- NorthWestern Corp. has completed the purchase from SGE, a unit of General Electric Capital Corp., of a 143 MW interest in the 740 MW Colstrip Unit 4 coal-fired steam electric generating unit near Colstrip, Mont.

The purchase price was approximately $133.4 million, or around $933/kW, according to a statement. NorthWestern paid $100.2 million in cash and will consolidate $33.2 million in outstanding lease debt. The outstanding lease debt will be fully amortized by the end of 2010. NorthWestern funded the transaction with available liquidity; and a newly formed subsidiary, Colstrip Lease Holdings LLC, is currently finalizing a $100 million non-recourse loan to support this purchase. The loan is expected to close in the next 30 days.

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