Entergy Corp. said Monday that it has reached an agreement with a subsidiary of NextEra Energy Resources LLC to acquire the Rhode Island State Energy Center, a 550-megawatt power plant in Johnston, R.I, for $346 million.

“The acquisition presents an opportunity to create value by acquiring modern, efficient generation at approximately half the new build cost and is in line with our disciplined, market point of view for capital deployment,” said Richard Smith, president of Entergy Wholesale Commodities.

“This asset enhances the value of our existing portfolio through the addition of generation in the New England market that is well positioned to benefit from expected market recovery.”