Starwood Energy Group Global, LLC, the energy focused private equity firm, announced in late September that an affiliate has entered into an agreement with affiliates of Exelon Corp. to acquire a natural gas combined cycle electric power generating facility in Odessa, Texas.
The electric power generating facility, located in the Permian Basin region of west Texas, began commercial operations in 2007 and has a nominal capacity of 550 megawatts. The facility provides electric power to the Electric Reliability Council of Texas (ERCOT) system, a power market serving million Texas customers and representing about 90 percent of the state's electric load.
The transaction is subject to customary conditions and regulatory approvals and is expected to close in the fourth quarter of 2014. Financial terms of the transaction were not disclosed.
Starwood Energy Group manages total equity commitments in excess of $2 billion and has executed transactions totaling more than $4 billion in enterprise value.
In June, Starwood Energy sold its 25 percent stake in the Neptune Regional Transmission System to NM Neptune, LLC, an indirect wholly owned subsidiary of Northwestern Mutual.
In late July, we reported that Starwood Energy will finance and build two identical 747MW combined-cycle gas turbine (CCGT) facilities near the communities of Westbrook and Colorado City, in Mitchell County, Texas (USA).
In August, Starwood Energy announced that it has has completed agreements to finance and construct its second wind farm, a 165 MW project 45 miles south of Lubbock, Texas, USA.