Sempra sells interests in 550MW Elk Hills gas-fired power plant for $179MM

Source: Sempra Generation

Sempra Generation, a subsidiary of Sempra Energy (NYSE:SRE), announced that it has completed the sale of its 50 percent interest in the Elk Hills Power generation facility to Occidental Petroleum Corporation, Inc. (NYSE:OXY) for a cash purchase price plus year-end cash distribution totaling $179 million. 

The 550-megawatt natural gas-fueled power plant, located near Bakersfield, Calif., has been owned by Sempra Generation and Oxy through a joint venture since 2003. 

"This strategic sale comes at the right time for Sempra Generation as we continue to invest heavily in our growing portfolio of alternative energy projects throughout the Western U.S.," said Jeffrey W. Martin, president and chief executive officer of Sempra Generation. 

The transaction has received approval from the Federal Energy Regulatory Commission.

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