PPL Corporation, an energy and utility holding company has completed the acquisition of combined-cycle natural gas-fired power plant for $302m from a subsidiary of AES Corporation in US.

The 705MW power plant is owned and operated by AES Ironwood and AES Prescott.

The project’s cash purchase price is about $85m, which included $3m in working capital, and $217m of net project indebtedness of AES Ironwood.

PPL said the acquisition is not expected to have a material impact on the company’s earnings or financing plans.

Headquartered in Pennsylvania, PPL owns or controls about 19,000MW of generating capacity in the US.