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.



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

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs