Koch Industries unit to buy 1,055 MW gas-fired power plant in Texas

Koch Energy Services, a unit of Koch Industries, will buy a 1,055 MW natural gas-fired power plant in Texas from a private equity group that purchased the plant in 2011. Financial terms of the deal are not available.

The Odessa gas-fired plant began commercial operation in 2001 and sells electric power to the Electric Reliability Council of Texas (ERCOT) grid.

Energy Capital Partners II purchased the Odessa plant in 2011 for $335 million from PSEG Power, a unit of Public Service Enterprise Group as PSEG exited the Texas power market.

The transaction is subject to regulatory approval and could close late in the fourth quarter or in early 2014.

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