Toyota Tsusho Corporation has acquired a 45% interest in the 424MW Oyster Creek natural gas-fired cogeneration plant in Texas from GE Energy Financial Services for about $100m.

GE Energy Financial Services will hold a 5% stake in the combined-cycle facility, located inside a Dow Chemical petrochemical complex.

International Power holds the remaining 50% interest in the power plant.

The closing of the transaction is anticipated in the first quarter of 2011 after receipt of remaining consents and regulatory approvals in the US.

The plant sells the majority of its power and all of its steam to Dow Chemical under a fixed-term contract, and the balance of the project’s capacity is merchant and is sold under a short-term contract.