Koch Energy Services agrees buy of Odessa Power.
9 October 2013 - Koch Energy Services LLC, an indirect unit of US diversified group Koch Industries Inc, said it would buy Odessa Power, a natural gas combined cycle electric power generating business in Odessa, Texas, from energy-focused private equity firm Energy Capital Partners LLC.
The deal, to be carried out by a subsidiary of Koch Energy Services, is subject to regulatory approvals and anticipated to complete late in the fourth quarter of this year, or the first quarter of 2014. Financial terms were not disclosed.
Odessa Power is located in west Texas and provides electric power to the Electric Reliability Council of Texas (ERCOT) power market serving 23m customers in Texas and accounting for 85% of the electric load in the state, the vendor said.
The facility is active since 2001 and has a capacity of 1,055MW. It was acquired by Energy Capital Partners II in 2011 for USD335m (EUR247m) from PSEG Power, Reuters said.Country: USASector: UtilitiesTarget: Odessa PowerBuyer: Koch Energy Services LLCVendor: Energy Capital Partners LLCType: Divestment, LBOStatus: Agreed