Gas-fired power plant sold in Texas for $335 million

PSEG Power LLC, a unit of Public Service Enterprise Group (NYSE: PEG)  agreed to sell its 1,000 MW gas-fired Odessa generating facility in West Texas  to Odessa Power LLC, a unit of Energy Capital Partners II LP. The purchase price is $335 million and no debt is attached to the asset.

In early June, PSEG Power ended a $335 million purchase and sale agreement with High Plains Diversified Energy Corp. for the 1,000 MW facility. That earlier deal hinged on High Plains completing the transaction through the sale of municipal bonds.

The sale Odessa Power LLC is expected to close during the third quarter of 2011 subject to regulatory approvals. Unlike the High Plains agreement, this deal is not subject to financing contingencies. The sale will mark PSEG's exit from the Texas power generation market.

Goldman Sachs acted as exclusive financial advisor to PSEG Power in connection with the transaction.

Read more news and features on the business of power generation.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...