San Antonio-based CPS Energy said this week it will acquire four natural gas power generation facilities from PROENERGY for $1.387 billion. The total electric capacity is 1,632 megawatts for the deal expected to close in 3Q. The acquired assets are in the ERCOT market in Texas in state-of-the-art plants in Brazoria, Galveston and Harris counties. The four are recently constructed peaking natural gas plants.
CPS Energy said PROENERGY will continue to staff, operate and maintain the acquired units to ensure “safe and reliable operation and maintenance of the power plants.”
Rudy D. Garza, president and CEO, said Tuesday, “We avoid higher construction costs, inflationary risk, and long timelines associated with building new facilities … by acquiring recently constructed, currently operating modern power plants that utilize proven technology already in use by CPS Energy.”
CPS is the nation’s largest public power, natural gas and electric company.
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