Goldman Sachs returns to power generation

Goldman Sachs is re-entering the physical power market for the first time in two years. The investment bank has bought a 940-megawatt (MW) natural gas plant from troubled US firm El Paso Merchant Energy.

The New York-based bank said on April 16 that it plans to buy El Paso’s interests in East Coast Power for $456 million in cash. East Coast owns the Linden co-generation facility in New Jersey. Goldman will take on $600 million of debt outstanding at the firm.

This will be the first time Goldma