Odessa Power, a unit of Energy Capital Partners II, is acquiring the facility for $335m, and there is no debt attached to the asset.
The plant’s sale, which is not subject to financing contingencies, is expected to close during the third quarter of this year subject to customary regulatory approvals.
Earlier this year, PSEG Power announced its plan to sell two 1,000MW gas-fired plants – Odessa and Guadalupe – in separate transactions.
The company completed the sale of the Guadalupe combined-cycle facility in Texas in the first quarter of this year.
PSEG Power is a subsidiary of diversified energy company Public Service Enterprise Group.
