International Power subsidiary, American National Power, has reached an agreement to acquire the 632 MW coal-fired Coleto Creek power station located in Goliad County, Texas.
The deal, with Topaz Power Group, a joint venture between Carlyle/Riverstone and Sempra Generation, includes a total cash consideration of $1.14 billion.
Coleto Creek, commissioned in 1980, uses Powder River Basin coal and the majority of the plant’s output is forward contracted to 2009. Additional forward contracts have been agreed and will be put in place through to 2013 for approximately half of the plant’s output.