Sempra Generation has completed the sale of its 50% stake in a 550MW natural gas-fired power plant located near Bakersfield, California, to Occidental Petroleum.
The Elk Hills Power facility has been owned by Sempra and Occidental through a joint venture since 2003.
Sempra sold the stake for a cash purchase price plus year-end cash distribution totaling $179m, and the transaction has received approval from the Federal Energy Regulatory Commission.
Sempra Generation president and CEO Jeffrey Martin said that this strategic sale comes at the right time for Sempra Generation as it continues to invest heavily in its growing portfolio of alternative energy projects throughout the western US.