Complete Energy selling power plant
HATTIESBURG, MISSISSIPPI - A subsidiary of Complete Energy Holdings, LLC, has signed a definitive agreement with a wholly-owned subsidiary of KGen Power Corporation to sell the Batesville Generating Facility, an 837-megawatt gas-fired combined cycle plant in Batesville, and La Paloma Generating Company, LLC, which operates a 1,022-megawatt gas-fired combined cycle plant in Kern County, Calif. Terms were not disclosed.
Since August 2004, Complete Energy has owned and operated the Batesville Generating Facility, which it acquired from NRG Energy Inc.
"We have benefited from improving operational and commercial performance at both plants, in large part due to the efforts of the experienced staff at the facilities," said Peter Dailey, managing director of Complete Energy. "We also believe that the commodity market has improved since we purchased the assets."
The plant employees will remain at the facilities after the close of the transaction, which is expected to close at the end of the third quarter, subject to regulatory approvals.
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