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Salt River Project buys block of Sempra U.S. Gas & Power's Arizona power plant

Sempra U.S. Gas & Power has entered into a definitive agreement to sell one 625-megawatt (MW) block of its 1,250 MW Mesquite Power natural gas-fired power plant to the Salt River Project (SRP) Agricultural Improvement and Power District for $371 million.

The SRP board of directors approved a management proposal to acquire 100 percent ownership of the 625 MW block and a 50 percent undivided interest in the infrastructure facilities shared by the two blocks at their November meeting. The agreement is subject to approvals from the Federal Energy Regulatory Commission and other regulatory agencies. The companies anticipate receiving these approvals in the first quarter of 2013.

SRP, which is the largest supplier of raw water to the greater-Phoenix metropolitan area, has acquired one of Mesquite Power's two 625 MW power blocks. Each block is comprised of two gas turbines and a steam turbine. As part of the transaction, SRP also will become the operator of both Mesquite units.

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