Goldman Sachs agrees to buy Cogentrix

Investment banking, securities and investment management company Goldman Sachs has agreed to buy 100% of the stock of US power company Cogentrix Energy in a transaction subject to regulatory approval expected for closure early in 2004, Goldman Sachs said in a statement Monday. Cogentrix owns 65% of the 300MW combined cycle San Pedro de Macoris thermoelectric plant in the Dominican Republic. Overall, the transaction adds 26 plants and approximately 3,300MW to the Goldman Sachs power portfolio. Goldman Sachs did not comment on the price of the deal. "The Cogentrix portfolio of assets represents an attractive opportunity to further develop our power business through the acquisition of high-quality generation facilities with stable, long-term cash flows," said Richard Ruzika, co-head of Global Commodities at Goldman Sachs.