PSEG Buys Maryland Combined-Cycle Power Plant Project

(RTTNews) - PSEG Power through its subsidiary PSEG Fossil has acquired the 755-MW Keys Energy Center project from Genesis Power LLC and an energy-focused private equity fund managed by Ares EIF Management LLC, a part of Ares Management L.P. (ARES).

PSEG Power, a subsidiary of Public Service Enterprise Group Inc (PEG), said it expects to begin construction of the natural gas-fired, combined-cycle plant in 2015. PSEG Power plans to rename the facility the PSEG Keys Energy Center.

The plant, which represents an investment of $825 million to $875 million, is targeted to be completed and supplying needed capacity and energy to the state of Maryland and region in 2018.

"The new plant offers a strong operational and financial fit for PSEG Power's balanced generation portfolio and will expand our footprint in our core PJM market," said Bill Levis, PSEG Power president and COO.