International Power to Buy Sempra Plant

International Power, the London-based owner of power plants in 17 countries, agreed to pay $1.14 billion for a Texas generating plant owned by Sempra Energy and Carlyle Group.

San Diego-based Sempra said it would use the proceeds to help fund some of its planned $10 billion in spending over the next five years on gas pipelines and power systems.

Sempra this week completed the sale of a second Texas coal-fired electricity generator for $480 million to PNM Resources Inc.