Investment Group Acquires 530-MW Gas-Fired Power Plant in Texas

A planetary concern steadfast that manages astir $22 cardinal successful assets said it has acquired a bulk of the equity interests successful New Frontera Holdings, which includes a 530-MW earthy gas-fired combined-cycle procreation presumption successful Mission, Texas. Terms of the transaction were not disclosed. Strategic Value Partners (SVP), founded successful 2001 and with its main offices successful Greenwich, Conn., New York City, and London successful the UK, announced the woody connected May 7. SVP, which besides has beingness successful Tokyo, Japan, and Dubai successful the United Arab Emirates, said its SVP Funds managed funds portfolio completed the acquisition. SVP has invested much than $57 cardinal successful superior implicit the past 25 years. The planetary concern steadfast initially invested successful Frontera done its archetypal lien word indebtedness anterior to the company's 2021 restructuring. SVP aft reorganizing converted a information of its presumption into equity and has since accrued its ownership implicit time. SVP connected Thursday said it volition get Frontera arsenic portion of its strategical concern with EverGen Power, a powerfulness procreation acquisition and plus absorption steadfast established successful 2024 that supports SVP with powerfulness procreation investments crossed North America. "By drafting connected our heavy restructuring expertise and cognition of the powerfulness sector, SVP was well-positioned to found a controlling involvement successful Frontera," said David Geenberg, caput of North American Corporate Investments astatine SVP. "Furthermore, done our concern with EverGen, we volition beryllium capable to thrust worth instauration implicit the years to come." "Frontera is simply a captious root of dispatchable powerfulness successful the Lower Rio Grande Valley, 1 of the fastest-growing regions successful ERCOT." said Dave Freysinger, managing spouse of EverGen Power. "We are excited to bring our resources and expertise to thrust best-in-class operations." Frontera, which began commercialized operations successful 1999, features 2 earthy gas-fueled combined-cycle GE 7FA turbines. SVP connected Thursday said EverGen is simply a level formed and backed by SVP Funds. It was created "to get and run captious powerfulness infrastructure that supports the transportation of reliable and harmless energy, addressing the expanding request for powerfulness driven by electrification," according to SVP. —Darrell Proctor is simply a elder exertion for POWER.