On Tuesday, Koch Industries Inc said that it had bought the 1,055-megawatt Odessa Power plant through its unit of subsidiary Koch Energy Services LLC. The acquisition of the natural gas-fired power plant located in Texas would be Koch Energy's first time to enter into power generation. Financial details about the transaction were not disclosed.

Koch spokesman Paul Baltzer said about the acquisition, "This is our first investment in the power sector, which we believe will be a strong asset for Koch Energy Services and an excellent complement to our natural gas commercial activities."

The plant in Odessa started its operations in power generation in 2001. It supplies power to Texas' Electric Reliability Council of Texas or ERCOT grid valued at USD29 billion.

Koch said the transaction would be subject for approval by regulators and may be finalized late this year or early the succeeding year.