Blackstone Puts Up $685M For 3 Texas Gas Plants

Law360, New York (December 18, 2013, 1:08 PM EST) -- Private equity powerhouse The Blackstone Group LP will buy three gas-fired power plants in Texas from Centrica PLC unit Direct Energy for $685 million in an all-cash deal announced Wednesday.

Blackstone will buy Direct Energy’s power plants located in Bastrop, Mission and Paris, Texas, bolstering its already hefty energy portfolio. All three power plants are part of the Electric Reliability Council of Texas' north and south zones and have a total 1,295 megawatts of capacity, Houston-based Direct Energy said in a statement.

Specifically, the Bastrop plant...
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