Dominion, a Virginia-based energy company, closed its deal to sell the Brayton Point Power Station in Somerset and two Illinois plants to Energy Capital Partners, a private equity firm with offices in New Jersey and California.
Energy Capital Partners paid $472 million for the three properties, said Dan Genest, a Dominion spokesman. Dominion would not disclose the sale price of Brayton alone.
The sale is part of Dominion’s strategy to exit the merchant power business, in which generators sell electricity in competitive markets, to focus on its regulated utility holdings.
Dominion had owned the coal-fired, 1,528-megawatt Brayton power station since 2005.
Last summer, Dominion sold the coal- and oil-fired Salem Harbor Power Station in Salem to Footprint Power LLC of New Jersey. Footprint said it plans to convert the plant to cleaner-burning natural gas.
Energy Capital partners could not be reached for comment.