NRG closes sale Okla. McClain power plant to OGE

NEW YORK - Independent power producer NRG Energy Inc. completed the $160 million sale of its 77 percent interest in the 520 megawatt McClain generating station in Oklahoma to a subsidiary of energy holding company OGE Energy Corp.

The Oklahoma Municipal Power Authority will continue to own the remaining 23 percent of the facility, NRG and OGE said in separate statements recently. NRG sold its stake as part of the company's effort to divest non-core assets and reduce debt. The sale removed $156 million in debt from NRGs balance sheet, the company said.

NRG reached an agreement in August 2003 to sell its interest in the natural gas-fired facility to OGEs Oklahoma Gas and Electric (OG&E). McClain is located in Newcastle, Oklahoma about 20 miles south of Oklahoma City, the state capital.

OG&E serves nearly 720,000 customers in Oklahoma and Arkansas, and owns power plants that generate more than 5,000 MW of capacity.

Reuters