Advance to sell US projects

West Perth's Advance Energy will sell three US-based projects for a total of $US11.3 million, with the proceeds being used to settle debt.

The sale, to an undisclosed company, means Advance retains a 50 per cent stake in its Mother Lode 3 project, also in the US.

Managing director Anthony Short said the company had been taking significant steps to reduce debt.

"This sale largely completes the restructuring process commenced at the beginning of the year, and we now look forward with optimism to 2011, the development of our Mother Lode 3 project and further asset acquisitions."