Puget Sound Energy said it has agreed to buy a new 310-megawatt, natural-gas-fired power facility in Longview for $240 million.
Puget Sound Energy said Thursday it has agreed to buy a new 310-megawatt natural-gas-fired power facility for $240 million as part of a plan to increase its electrical output.
The transaction is expected to close by year’s end, pending approval from federal regulators, said the Bellevue-based utility.
The plant, known as Mint Farm, is in Longview and is owned by the Minnesota-based Wayzata Opportunities Fund.
Including Mint Farm, over the past three years the utility has purchased power facilities with a capacity of more than 1,300 megawatts.
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Puget, Washington’s largest utility, is currently awaiting state regulatory approval to be sold to an international investor consortium the company says will be able to finance its need for massive growth. Pushed by population growth in its service area, the company aims to add 4,400 megawatts of new power capacity by 2027.