Vistra Energy to Acquire Power Plant in Odessa, Texas

Vistra Energy, the parent company for TXU Energy and Luminant, said pre-market Thursday it agreed to acquire a 1,054 MW combined cycle, combustion turbine power plant located in Odessa, Texas from a unit of Koch Ag & Energy Solutions.

Vistra will pay $350 million, plus a spark spread-based earn-out payable only if market conditions meaningfully improve. “The Odessa plant is an efficient, well-maintained asset that will provide critical flexible generation capabilities to Luminant’s ERCOT portfolio,” Vistra CEO Curt Morgan said in a statement. The deal will close in Q3.

By Bucky Rini