The Carlyle Group Completes Acquisition of Red Oak Power Generation Facility
November 07 2013 - 10:30AM
Business Wire
Carlyle’s Power Management Team Acquisitions
Now Total More Than $1.2 Billion in Enterprise Value Since Late
2012
Global alternative asset manager The Carlyle Group (NASDAQ: CG),
today announced it has completed the acquisition of the Red Oak
power generation facility located in Sayreville, New Jersey. The
acquisition was executed in conjunction with Cogentrix Energy Power
Management, LLC, which was acquired by Carlyle funds in late 2012,
and brings the total number of power generating facilities acquired
since then to 11 with an aggregate enterprise value of more than
$1.2 billion. Financial terms were not released.
Robert Mancini, Carlyle Managing Director and Chairman of the
Board of Cogentrix, said, “This acquisition is a great opportunity
to create value for our fund investors by taking advantage of the
changing power generation landscape in North America. We are
excited to add a modern, highly efficient, natural gas-fired
facility like Red Oak to our portfolio of power holdings.”
Red Oak, acquired from Energy Capital Partners, is an 823-MW,
combined-cycle power plant and currently operates under a long-term
power purchase agreement. The facility is part of the PJM
Interconnection, the world’s largest and most liquid competitive
power market.
Equity capital for this transaction came from Carlyle’s Power
and Infrastructure funds.
Cogentrix, a Carlyle portfolio company, is a
developer, operator and manager of independent power plants in
North America. Founded in 1983, Cogentrix has been directly
responsible for the development, engineering, construction,
operation and management of a portfolio totaling 41 fossil and
renewable power facilities with a combined generating capability of
over 10,000 megawatts.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with $185 billion of assets under management across 122
funds and 81 fund of funds vehicles as of September 30, 2013.
Carlyle's purpose is to invest wisely and create value on behalf of
its investors, many of whom are public pensions. Carlyle invests
across four segments – Corporate Private Equity, Real Assets,
Global Market Strategies and Solutions – in Africa, Asia,
Australia, Europe, the Middle East, North America and South
America. Carlyle has expertise in various industries, including:
aerospace, defense & government services, consumer &
retail, energy, financial services, healthcare, industrial,
technology & business services, telecommunications & media
and transportation. The Carlyle Group employs more than 1,450
people in 34 offices across six continents.
Web: www.carlyle.comVideos: www.youtube.com/onecarlyleTweets:
www.twitter.com/onecarlylePodcasts:
www.carlyle.com/about-carlyle/market-commentary
The Carlyle GroupLiz Gill, +1
202-729-5385Elizabeth.gill@carlyle.com
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