PSEG Power Announces Closing on Sale of Gas Fired Facility
March 4, 2011
Newark, NJ - PSEG Power LLC, a subsidiary of Public Service Enterprise Group Incorporated (NYSE:PEG), today announced that it has closed on the sale of its Guadalupe power plant to MinnTex Power Holdings LLC (MinnTex) and MinnTex GP LLC, entities managed by Wayzata Investment Partners LLC, for approximately $351 million.
Guadalupe is one of two 1,000 MW gas-fired power plants that PSEG Power announced it has agreed to sell earlier in the year. The sale of the Odessa facility, in West Texas, to High Plains Diversified Energy Corporation (HPDEC) is expected to close in the first half of 2011, as previously announced. The two transactions have a combined equity value of $687 million.
Source: PSEG Power LLC