PSEG Power Announces Closing on Sale of Odessa Gas Fired Facility
Jul 18, 2011
PSEG Power LLC, a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), today announced that it has closed on the sale of its 1,000 MW Odessa gas fired generating plant to Odessa Power, LLC, a subsidiary of Energy Capital Partners II, LP for approximately $335 million. There is no debt attached to the asset.
The closing of the Odessa sale completes the Texas asset sale process announced by PSEG Power in early 2011. In March 2011, PSEG Power closed the sale of the 1,000 MW Guadalupe plant to MinnTex Power Holdings LLC (MinnTex) and MinnTex GP LLC, for approximately $352 million.
Goldman Sachs acted as exclusive financial advisor to PSEG Power in connection with the transaction.
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