Subsidiary of Koch Energy Services to Acquire Odessa Power
The 1,055 megawatt natural gas facility supplies power to the Texas market.
October 8, 2013
A Koch Energy Services, LLC subsidiary has entered into an agreement with affiliates of Energy Capital Partners, LLC to acquire a natural gas combined cycle electric power generating facility in Odessa, Texas.
The electric power generating facility, located in the Permian Basin region of west Texas, 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.
The transaction is subject to customary conditions and regulatory approvals and could close late in the fourth quarter of 2013 or early in the first quarter of 2014. Financial terms of the transaction were not disclosed.
About Koch Industries, Inc.
Koch Energy Services, 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 $50 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 more than 47,000 people in the United States and paid compensation and benefits totaling more than $4 billion. From January 2009 to present, Koch companies earned more than 750 awards for safety, environmental excellence, community stewardship, innovation, and customer service.