GenOn Energy Inc. has completed the sale of the 810-MW Hunterstown gas-fired facility in Straban Township, Pa., to private equity firm Platinum Equity Capital Partners IV LP.
Under the deal, GenOn subsidiaries NRG Wholesale Generation LP and RRI Energy Services LLC sold the combined-cycle plant for $498 million, subject to post-closing adjustment for working capital, according to a June 4 Form 8-K filing. The plant is located in PJM Interconnection's Metropolitan Edison Co. zone.
The transaction was funded by a combination of equity investments from affiliates of Platinum Equity Capital and proceeds from third-party debt financing.
The sale was approved by the Federal Energy Regulatory Commission on May 18.
GenOn Energy is a NRG Energy Inc. subsidiary.
