Goldman Buying Private Energy Company Cogentrix - TheStreet

Goldman Buying Private Energy Company Cogentrix

The deal will add 26 power plants to its portfolio.
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Goldman Sachs

(GS) - Get Report

said it will acquire privately held power company Cogentrix Energy for an unspecified price.

The deal, which is expected to close early next year, will add 26 plants and about 3,300 megawatts to the Goldman Sachs power portfolio. The majority of Charlotte, N.C.-based Cogentrix's output is sold under long-term contracts to established, investment-grade electric utilities, Goldman said in a press release.

"The Cogentrix portfolio of assets represents an attractive opportunity to further develop our power business through the acquisition of high-quality generation facilities with stable, long-term cash flows," said Richard Ruzika, co-head of Global Commodities at Goldman Sachs.

Goldman has been an active principal in the energy sector over the last few years, last month spending $354 million to buy



energy contract with California and earlier in the year reportedly negotiating to buy the European trading books of




El Paso



Shares of New York-based Goldman Sachs closed at $87.17 Friday on the

New York Stock Exchange