GREENWICH, Conn., Sept. 30, 2014 /PRNewswire/ -- Starwood Energy Group Global, LLC, a leading private investment firm focused on energy infrastructure, announced today that an affiliate has entered into an agreement with affiliates of Exelon Corp. 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 2007 and has a nominal capacity of 550 megawatts. The facility provides electric power to the Electric Reliability Council of Texas (ERCOT) system, a power market serving 24 million Texas customers and representing about 90 percent of the state's electric load.
The transaction is subject to customary conditions and regulatory approvals and is expected to close in the fourth quarter of 2014. Financial terms of the transaction were not disclosed.
About Starwood Energy Group Global, LLC
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds Starwood Energy Infrastructure Fund I and II, and other affiliated investment vehicles, Starwood Energy Group manages total equity commitments in excess of $2 billion and has executed transactions totaling more than $4 billion in enterprise value. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at www.starwoodenergygroup.com.
SOURCE Starwood Energy Group Global, LLC