Koch Energy Services said Tuesday that it has entered into an agreement to acquire from Energy Capital Partners the 1,055-MW, natural gas-fired Odessa independent power plant in Texas.
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Financial terms of the deal were not disclosed. KES, a subsidiary of Koch Industries, said in a statement that the planned IPP acquisition subject to customary conditions and regulatory approvals and could close late in the fourth-quarter 2013 or early in Q1 2014.
The planned Odessa deal is believed to be the first purchase of an electricity generation asset by Koch Industries, a company best known for oil refining, petrochemical production, pipelines and its Georgia-Pacific pulp and paper unit.
PSEG Power developed the Odessa IPP, which is located in the Electric Reliability Council of Texas region. PSEG Power sold the plant to Energy Capital Partners for about $335 million in 2011.