US-based private investment firm Starwood Energy Group Global has signed an agreement to purchase two contracted power plants from Calpine Corporation.

The company will acquire the 325MW combined cycle plant Garrison Energy Center and the 503MW RockGen Energy Center.

Financial details of the acquisition have not been divulged by either company.

Starwood Energy CEO Himanshu Saxena said: “This unique transaction is the culmination of a significant amount of work with the Calpine team to craft a deal that would achieve multiple objectives.

“For Starwood, the portfolio represents a combination of scale and risk-mitigation, and is an excellent complement to our existing generation investments.”

“For Starwood, the portfolio represents a combination of scale and risk-mitigation, and is an excellent complement to our existing generation investments.”

Located in Dover, Delaware, Garrison is a dual-fuel power plant that was constructed in 2015 whilst RockGen is a simple-cycle, dual-fuel power plant located in the southeast of Madison, Wisconsin that was built in 2001.

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By GlobalData

With a weighted average life of nearly five years, the two-asset portfolio is fully contracted with a range of counterparties.

Completion of the deal is subject to customary regulatory approvals and is expected to take place in mid-2019.

In August 2017, Starwood Energy divested 49% interest in its Horse Creek and Electra wind farms to Munich Re Group for an undisclosed sum.

Located in Haskell and Wilbarger Counties in Texas, each farm is capable of generating 230MW and were built by Starwood Energy.