JOHNSTON, R.I. (AP) — A natural gas-fired power plant in Johnston has been sold to a private equity firm for nearly half a billion dollars.

The Carlyle Group announced Thursday it acquired the 583 megawatt Rhode IslandState Energy Center from Entergy Corp. for $490 million.

Carlyle officials said in a statement that the plant “is among the most efficient combined cycle facilities in New England and is well-positioned to capitalize on strong regional market dynamics” and “New England represents an attractive market for investment due to its transparency and incentives for reliable generation.”

The plant began commercial operations in 2002. Entergy purchased the plant for $346 million in December 2011.

Entergy expects the sale to close by the end of the year.