Calpine Corp. (NYSE: CPN) is buying a power plant for $625 million from MinnTex Power Holdings LLC.
The natural gas-fired plant is located in Guadalupe County, 30 miles northeast of San Antonio, Texas.
Calpine, headquartered in Houston, owns 93 power plants that are either operational or under construction. In Oct. 2012, the company bought a Texas plant for $432 million.
MinnTex is backed by private equity firm Wayzata Investment Partners LLC, a Wayzata, Minn.-based firm that specializes in purchasing distressed companies.
White & Case LLP acted as Calpine’s legal counsel. Tudor Pickering Hold & Co. acted as Wayzata’s financial adviser, while Vinson & Elkins LLP provided legal advice.