January 18, 2011
High Plains Diversified Energy Corp, a Lubbock-based power wholesaler, declares the acquisition of a 1,000-megawatt plant near Odessa from PSEG Power. The $335 million worth acquisition will be financed by the sale of municipal bonds.
A Newark, N.J. based PSEG Power is a subsidiary of Public Service Enterprise Group. The sale is expected to conclude in the first quarter of 2011. An agreement to purchase the 550-megawatt Quail Run Energy Center from Constellation Energy Corp has been announced by High Plains Diversified, created by the West Texas Municipal Power Agency in a partnership with Texas Tech University and Republic Power Partners, on Dec. 30.