NextEra Energy subsidiary to sell two Texas natural-gas power plants

NextEra Energy Resources, LLC, a wholesale electricity subsidiary of NextEra Energy, Inc., said late last week that it is selling two of its largest natural gas power plants for nearly $1.6 billion.

The two natural gas plants are located in Forney and Paris, Texas, and are operated by NextEra Energy Resources (NER) subsidiary La Frontera Ventures LLC, which agreed to sell its ownership interest in ithe plants to an affiliate of Energy Future Holdings (EFH).

The Forney Energy Center generates over 1,900 megawatts (MW) of electricity and began commercial operation in 2003. The Lamar Energy Center in Paris is three years older and generates over 1,000 MW of power.

As part of the deal, the plants will continue to be operated by a NextEra Energy Resources affiliate for up to a year before EFH takes over. The transaction is expected to clear regulatory approvals early in 2016.

"This transaction enables us to further optimize our power generation assets and is consistent with our strategy of reducing our merchant exposure while recycling capital into our growing long-term contracted asset portfolio," Armando Pimentel, NER's president and CEO, said.