Entergy Gulf States Louisiana LLC has agreed to buy two of the four units at the Union Power Station in El Dorado, Arkansas, near the Louisiana border, a move that the company says will help it meet the state’s growing power needs and keep costs down for customers.

The 1,980-megawatt combined-cycle plant runs on natural gas and began commercial service in 2003. The plant is owned by Union Power Partners LP, an independent power producer owned by Entegra TC LLC.

Under the deal, Entergy Texas and Entergy Arkansas agreed to buy one unit, and Entergy Gulf States Louisiana has agreed to buy two units. Altogether, the Entergy subsidiaries are buying the plant for $948 million, about half the cost to build a comparable new facility, the company said Tuesday.

“Louisiana is the epicenter of an industrial renaissance that will bring scores of new jobs and drive demand for electricity in our state by as much as 1,600 megawatts by the year 2019,” said Phillip May, president and CEO for Entergy’s Louisiana utilities. “The acquisition of these highly efficient units will help us meet some of that increased load while keeping ratepayers’ costs among the lowest in the country.”

The purchase is contingent upon necessary federal and state regulatory approvals. The targeted completion of the deal is late 2015.

Entergy Louisiana LLC and Entergy Gulf States Louisiana LLC provide electricity to more than 1 million customers in Louisiana. The companies are subsidiaries of Entergy Corp., New Orleans’ lone Fortune 500 company.