American Municipal Power (AMP) will acquire the Fremont Energy Center in Ohio. AMP will pay $485 million to Ohio-based utilities operator, FirstEnergy, for the acquisition.

AMP will reimburse FirstEnergy up to $25.3 million for construction costs incurred after February 1 through to the closing date, adds The Wall Street Journal. The transaction is expected to be completed on or about July 1, 2011.

Click here for the release from PR Newswire.

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