Duke Agrees to Sell Stake in Waste-to-Energy Interest

New York -- AIG Highstar Capital and DLJ Merchant Banking Partners have agreed to acquire 50 percent interest in DUKE/UAE Ref-Fuel, Woodcliff Lake, N.J. Duke UAE Ref-Fuel owns American Ref-Fuel Co., Montvale, N.J., a holding company for six waste-to-energy facilities in the Northeastern United States. The agreement calls for a newly formed entity owned by Highstar Renewable Fuels and CSFB Private Equity to pay Duke Energy approximately $306 million.