The Australian

ALLCO Finance has teamed up with an Australian investment manager to acquire a portfolio of power plants in the United States for $US1.48 billion ($A1.7 billion).

Shares in Allco Finance (ASX: AFG: quote) were up 4.6 per cent at $7.70 in late afternoon trade. The benchmark S&P/ASX 200 Index was up 0.8 per cent.

The finance house has partnered with Industry Funds Management (IFM) to purchase the suite of assets from US power utility Consolidated Edison.

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Posted by dcjaya at December 11, 2007 12:07 PM