NEWARK, N.J., July 18, 2011 /PRNewswire/ -- PSEG Power LLC, a
subsidiary of Public Service Enterprise Group Incorporated (NYSE:
PEG), today announced that it has closed on the sale of its 1,000
MW Odessa gas fired generating plant to Odessa Power, LLC, a subsidiary of Energy
Capital Partners II, LP for approximately $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 LLC (MinnTex) and MinnTex GP LLC, for
approximately $352 million.
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