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Goldman Sachs buys more US power plants

Goldman Sachs has added to its portfolio of US physical energy assets by buying equity interests in 12 power plants and a natural gas pipeline for $656 million from bankrupt Maryland-based National Energy & Gas Transmission (NEGT). The investment bank already owns interests in nine of the plants, through its ownership of Cogentrix Energy.

NEGT's transaction with Goldman subsidiary GS Power Holdings II is expected to close in the first quarter of 2005, subject to regulatory and third-party approvals. The plants are located throughout the US and have a combined generating capacity of more than 2,500 megawatts (MW). NEGT's ownership interests in the facilities ranges from 13% to 100%.

The agreement followed a bidding process, in which NEGT sought offers higher or otherwise better than the $558 million negotiated with Denali

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