Direct Energy selling 3 natural gas-fired plants in Texas to Blackstone, $685M cash deal

HOUSTON – Direct Energy has announced plans to sell its three natural gas-fired power plants in Texas to asset manager firm Blackstone in a $685 million cash deal.

The agreement was announced Wednesday by Houston-based Direct Energy. The sale will be made through Direct Energy Power Holdings Inc.

The units are located in Bastrop (BAS’-trup), Mission, and Paris and have a combined capacity of nearly 1,300 megawatts.

The agreement with New York-based Blackstone is subject to regulatory review and should close in early 2014.

Direct Energy is a subsidiary of Centrica PLC.