PSEG Power announces closing on sale of Odessa gas fired facility

The closing of the Odessa sale completes the Texas asset sale process announced by PSEG Power in early 2011

Newark, N.J., July 18, 2011 PSEG Power LLC, a unit of Public Service Enterprise Group, announced that it has closed on the sale of its 1,000 MW Odessa gas fired generating plant to Odessa Power, LLC, a unit of Energy Capital Partners II, LP for about $335 million. There is no debt attached to the asset.

The closing of the Odessa sale completes the Texas asset sale process announced by PSEG Power in early 2011. In March 2011, PSEG Power closed the sale of the 1,000 MW Guadalupe plant to MinnTex Power Holdings and MinnTex GP LLC, for about $352 million.

Goldman Sachs acted as exclusive financial advisor to PSEG Power in connection with the transaction.

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