Acquisition of Odessa Power Finalized
Natural gas-fueled power-generating facility to retain all current employees.
December 20, 2013
Koch Power Solutions, LLC has completed its acquisition of Odessa-Ector Power Partners, L.P. following regulatory approvals from the Public Utility Commission of Texas and the Federal Trade Commission. The facility will continue to operate with all current employees.
The natural gas-fueled facility is a combined cycle electric power plant, located in the Permian Basin region of west Texas. It began commercial operations in 2001 and has a capacity of 1,055 megawatts. The facility provides electric power to the Electric Reliability Council of Texas (ERCOT) system, a power market serving 23 million Texas customers and representing 85 percent of the state's electric load. Odessa Power was acquired from affiliates of Energy Capital Partners, LLC. Financial terms of the transaction were not disclosed.
About Koch Industries, Inc. Koch Power Solutions, LLC is an indirect subsidiary of Koch Industries, Inc. Based in Wichita, Kan., Koch Industries, Inc. is one of the largest private companies in America with annual revenues of about $115 billion. It owns a diverse group of companies involved in refining, chemicals and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; minerals; commodity trading and services; ranching; glass; and investments. Since 2003, Koch companies have invested about $60 billion in acquisitions and other capital expenditures. With a presence in nearly 60 countries, Koch companies employ about 60,000 people worldwide. In 2012, Koch companies employed nearly 50,000 people in the United States and paid compensation and benefits totaling more than $4 billion. From January 2009 to present, Koch companies earned about 770 awards for safety, environmental excellence, community stewardship, innovation, and customer service. For more information, visit www.kochind.com.