Calpine remains the majority owner of the power plant, which is located near Fairfield, Texas, while Rayburn will receive 25% of the net economic benefit of the plant’s output.
Calpine will continue to operate the plant and will receive annual operating and management fees from Rayburn in addition to the sales price.
Headquartered in Rockwall, Texas, Rayburn is a rural electric generation and transmission cooperative, which provides the wholesale power requirements for five rural electric distribution cooperatives.
