US based power company Calpine will sell a 25% stake in the 1,038MW Freestone Energy Center to Rayburn Country Electric Cooperative for $215m.

The Freestone Energy Center is a natural gas-fired combined-cycle facility located near Fairfield, Texas, and began commercial operation in June 2002

Calpine, which remains the majority owner of the facility, will continue to operate the plant and in exchange will receive annual operating and management fees from Rayburn.

Rayburn will receive 25% of the economic benefit of the plant’s output, enabling it to better serve its customers in rural north and east Texas.

The agreement is subject to regulatory agency approval and is expected to close in December of this year.

Headquartered in Rockwall, Texas, Rayburn is a rural electric generation and transmission cooperative.