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Civis Capital to buy power plants from AES, then restart them

Hungarian property developer and financial consultant Civis Capital on Tuesday said it signed a contract to buy two power plants in northeast Hungary from US-based AES for an undisclosed price.

Civis Capital said it would restart the plants - shut down by AES in the spring after margins narrowed - after the transaction is closed, pending approval by regulatory authorities.

AES Hungary said in March it shut down the plants because of a long-term drop in wholesale electricity prices, the higher price of coal and biomass and the increased cost of CO2 emissions.