PSEG Power Enters Into Agreement to Sell Odessa
Jun 24, 2011
PSEG Power LLC, a subsidiary of Public Service Enterprise Group (PSEG: PEG) today announced that it has agreed to the sale of its remaining Texas generating asset. The 1000 MW gas-fired Odessa generating facility in West Texas will be sold, pursuant to an asset purchase agreement, to Odessa Power, LLC, a subsidiary of Energy Capital Partners II, LP for $335 million. There is no debt attached to the asset.
The sale is expected to close during the third quarter of 2011 subject to customary regulatory approvals. The sale is not subject to financing contingencies. The sale of Odessa will complete the Texas asset sale process announced by PSEG Power in early 2011. Goldman Sachs acted as exclusive financial advisor to PSEG Power in connection with the transaction.
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