(Corrects company name in paragraph 2 to Newark Energy Center
from Newark Energy Centery)
June 20 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
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