By Sabela Ojea

Capital Power said it has signed a definitive agreement to acquire a natural gas-fired generation facility based in Kern County, Calif., from CXA La Paloma.

The independent power generation company said it signed another deal to buy the equity interests in New Harquahala Generation Corp, which owns a natural gas-fired generation facility in Maricopa County, Ariz.

Half of the value of the latest deal will be funded by BlackRock.

The acquisitions are expected to cost $1.1 billion and set to close in the first quarter of 2024.

The company's flexible and reliable gas-fired generation fleet is expected to be the 5th largest in North America following the acquisitions.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 20, 2023 17:13 ET (22:13 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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