Sempra in $480 Million Power Plant Sale to PNM Resources

Cleary Gottlieb represented Sempra Energy subsidiary Twin Oaks Power, LP in the sale of a power plant to PNM Resources Inc. for $480 million cash. The deal is expected to close in April. The plant, commonly referred to as Twin Oaks, is a 305-megawatt, coal-fired power plant located in Robertson County, Texas.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2004 revenues of $9.4 billion.