Under the deal, NextEra Energy will sell the two natural gas-fired power plants including the 1,912MW Forney Energy Center and the 1,076MW Lamar Energy Center.
Luminant CEO Mac McFarland said: "These plants are strategic investments that enhance our asset portfolio while building on our existing operations in Electric Reliability Council of Texas (ERCOT)."
The Forney Energy Center and Lamar Energy Center entered service in 2003 in 2000 respectively.
NextEra Energy Resources president and CEO Armando Pimentel said: "This transaction enables us to further optimize our power generation assets and is consistent with our strategy of reducing our merchant exposure while recycling capital into our growing long-term contracted asset portfolio."
The EFH affiliate has already secured necessary approvals for the acquisition from the United States Bankruptcy Court and appropriate creditor groups.
An affiliate of NextEra Energy will continue to operate both of the facilities for an initial period of one year.
Subject to receipt of necessary regulatory approvals and satisfaction of other customary closing conditions, the transaction is planned to be completed in the first quarter of 2016.
Upon completion of the sale, NextEra Energy will continue to own and operate approximately 17,000MW of clean generating assets in 25 states, including Texas, and Canada.
The divestment is a part of NextEra Energy’s effort to reduce its exposure to the competitive power business, reported Bloomberg.
Image: NextEra Energy plans to reduce merchant exposure and increase long-term contracted asset portfolio. Photo: courtesy of khunaspix/ FreeDigitalPhotos.net.
