NEWARK, N.J., June 24, 2011 /PRNewswire/ -- PSEG Power LLC, a
subsidiary of Public Service Enterprise Group (PSEG: PEG) today
announced that it has agreed to the sale of its remaining
Texas generating asset. The 1,000
MW gas-fired Odessa generating facility in West Texas will be sold, pursuant to an asset
purchase agreement, to Odessa Power,
LLC, a subsidiary of Energy Capital Partners II, LP for
$335 million. There is no debt
attached to the asset.
The sale is expected to close during the third quarter of 2011
subject to customary regulatory approvals. The sale is not subject
to financing contingencies. The sale of Odessa will complete the
Texas asset sale process announced
by PSEG Power in early 2011.
Goldman Sachs acted as exclusive financial advisor to PSEG Power
in connection with the transaction.
FORWARD-LOOKING STATEMENT
The statements contained in this communication about our and our
subsidiaries' future performance, including, without limitation,
future revenues, earnings, strategies, prospects, consequences and
all other statements that are not purely historical, are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance they will be
achieved. There are a number of risks and uncertainties that could
cause actual results to differ materially from what may actually
occur. A discussion of some of these risks and uncertainties is
contained in our Annual Report on Form 10-K and subsequent reports
on Form 10-Q and Form 8-K filed with the Securities and Exchange
Commission (SEC). These documents address in further detail our
business, industry issues and other factors that could cause actual
results to differ materially from those indicated in this
communication. Forward looking statements made in this
communication only apply as of this date. While we may elect to
update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even if our internal
estimates change, unless otherwise required by applicable
securities laws.
Public Service Enterprise Group (NYSE:PEG) is a publicly
traded diversified energy company with annual revenues of more than
$12 billion, and three principal
subsidiaries: PSEG Power, Public Service Electric and Gas Company
(PSE&G) and PSEG Energy Holdings.
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SOURCE PSEG Power