Avista Corp., of Spokane, announced plans this afternoon to sell its energy-management subsidiary Ecova Inc. for $335 million in cash to Cofely USA Inc., a U.S. subsidiary of French multinational utility company GDF SUEZ.

Avista spokeswoman Dana Anderson says the new owner intends to maintain operations in Spokane.

“They are enthusiastic about the workforce and are pleased to become part of the Spokane business community,” Anderson says.

 Ecova employs about 1,500 people, with about half of those based in Spokane.

The transaction is expected to be complete by July 1, Avista said in a press release, but is contingent upon completion of certain contractual requirements and a few other factors.

After the payment of debt, closing adjustments, and other costs, Avista expects to receive $136 million that would result in a net gain of $62 million. Avista Chairman, President, and CEO Scott L. Morris said in the release, “We expect to use the majority of the proceeds to buy back Avista Corp. common stock over time … and invest in our business.”

Ecova started as Advantage IQ Inc. in the mid-1990s.