The Carlyle Group has entered agreements to purchase six natural gas-fired power plants, including the Red Oak power generation facility in Sayreville, N.J. and five plants in California. The acquisitions were executed in conjunction with Carlyle’s power affiliate Cogentrix.
The company is buying the Red Oak facility, an 823-MW natural gas-fired combined cycle power plant, from Energy Capital Partners. The facility operates under a long-term power purchase agreement and is part of the PJM Interconnection.
The five California plants, which total 320 MW of capacity, include the 122-MW Midway natural gas-fired plant in Firebaugh, Calif. and the CalPeak portfolio of four natural gas plants totaling 198 MW. Carlyle is acquiring the Midway plant from an affiliate of Starwood Energy Group Global LLC and the CalPeak portfolio from the Blackstone Group L.P.’s GSO Capital Partners as well as affiliates of Starwood and Tyr Energy.
The company did not release the terms of the transactions but stated in a release the acquisitions bring the total enterprise value of power generation asset transactions to more than $1.2 billion since Carlyle funds acquired Cogentrix in late 2012.
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