Koch Energy Services subsidiary to buy Texas power plant

A subsidiary of Koch Energy Services is buying a gas-powered power plant in Odessa, Texas, from Energy Capital Partners.

The power plant, which has a capacity of 1,055 megawatts, supplies electricity to the Electric Reliability Council of Texas system, which serves 23 million customers representing 85 percent of the state's electric load.

The transaction is subject to regulatory approvals and could close late in the fourth quarter or early in the first quarter.

Financial terms were not disclosed, according to Koch Industries.