AltaGas buys natural gas-fired power plant for $515mn

AltaGas Ltd. (TSX: ALA) said that its subsidiary AltaGas Power Holdings (U.S.) Inc. signed a purchase and sale agreement to purchase the 507 MW Blythe Energy Center in California for $515 million. The plant was previously owned by affiliates of LS Power Equity Advisors LLC.

The deal includes associated major spare parts and a related 230 kV 67-mile electric transmission line. The plant is a natural gas-fired combined cycle plant that uses Siemens (NYSE: SI) technology. Southern California Edison signed a power purchase agreement that is in place through July 2020.

The transaction is expected to close in second quarter 2013.

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