Constellation Energy has purchased two natural gas combined-cycle generation facilities in Texas from Navasota Holdings for $365m.
The plants include the 550MW Colorado Bend Energy Center near Wharton and 550MW Quail Run Energy Center near Odessa, Texas.
The purchase will add capacity to Constellation's generation portfolio and provide a physical presence in Electric Reliability Council of Texas (ERCOT), where its wholesale and retail supply businesses sell power, the company said in a statement.
The two facilities each have 275MW expansion projects under way creating the long-term potential to balance Constellation Energy's generation capacity and customer supply obligations in ERCOT.
The deal, subject to the state and federal regulatory approvals, is expected to close in the second quarter of this year.