September 25, 2009 (FinancialWire) — MMC Energy, Inc. (NASDAQ: MMCE) has closed the sale of its Chula Vista and Escondido electric generating facilities and certain other assets for $4,865,500 to affiliates of Wellhead Electric company, Inc.

The sale represents the conclusion of a process to sell substantially all of the company’s remaining operating assets. MMC Energy had previously announced the sale of its two GE LM6000 PC Sprint turbines for $26.65 million to a subsidiary of Pro Energy. That sale is expected to close no later than October 7, 2009.

These asset sales are key steps in the contemplated liquidation plan of the company which plan was overwhelmingly approved at a shareholders’ meeting held on September 14, 2009 seeking such approval.

“While we are disappointed that our original strategy did not succeed, we appreciate the support of the vast majority of our shareholders in the resulting decision to liquidate the company,” noted Michael Hamilton, CEO. “The asset sale follows an extensive review of a range of strategic alternatives for the company, including our continuing as an independent entity and exploring mergers and acquisitions.”

Upon the closing of the sale of our two remaining GE turbines to a subsidiary of Pro Energy, we anticipate immediately making the first of at least two liquidating dividend payments to shareholders. We anticipate that the initial dividend payment will be made to shareholders no later than mid-October. We intend to make a second liquidating dividend payment to shareholders before the end of the year, after satisfying or reserving for liabilities and contingencies.

Coincident with closing the turbine sale, MMC Energy anticipates de-listing from the NASDAQ Global Market and to terminate its reporting requirements under the Securities Exchange Act of 1934.

MMC Energy is currently liquidating its electricity generating and energy infrastructure-related assets in the United States.

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