CORRECTED-Hess Corp offloads stake in New Jersey power plant

Fri Jun 20, 2014 3:06pm EDT

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(Corrects company name in paragraph 2 to Newark Energy Center from Newark Energy Centery)

June 20 (Reuters) - Private equity firm Energy Investors Funds said it would buy Hess Corp's 50 percent stake in an under-construction power plant in New Jersey, giving it full control of the plant.

Newark Energy Center is a 705-megawatt natural gas-fired power plant that is expected to begin commercial operations in May 2015.

The deal value was not disclosed.

Energy Investors Funds said the deal would be funded with a $590 million loan from Credit Agricole Corporate and Investment Bank, Mitsubishi UFJ Financial Group and GE Co's GE Energy Financial Services.

The loan will support the acquisition, construction and operation of the power plant, which is being built using GE's turbine technology, the private equity firm said. (Reporting By Sneha Banerjee in Bangalore; Editing by Savio D'Souza)

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