UNOCAL WILL SHED IMPERIAL VALLEY GEOTHERMAL ASSETS
Unocal Corp. last week disclosed it has agreed to sell its Imperial Valley, Calif., geothermal operations to Magma Power Co., San Diego, for $225 million plus working capital. A definitive agreement also covers other U.S. exploratory geothermal assets. In addition to the initial sale price, Unocal will receive as much as $15 million in contingent payments from Magma. They will be based on additions of power generating capacity and a 1% royalty on such additions.