BAYTOWN, Texas, April 28, 2017 /PRNewswire/ -- Raven Holding Company, LLC (the Company) held a groundbreaking ceremony yesterday to commemorate the start of construction of "Raven", an on-purpose Ethylene-to-Butene-1 processing facility.
Participants in the groundbreaking ceremony at the project site included senior executives and representatives from the City of Baytown, Partners Group, Quanta Capital Solutions, Inc. (Quanta Capital), a Quanta Services, Inc. company, and Evonik Industries. Raven is being constructed by NorthStar Energy Services, Inc., a Quanta Services company, using proven technology. The project is expected to be completed in the second half of 2018 and, upon commencement of commercial operations, will serve its customers under long-term fee-based offtake agreements. In addition to the initial facility, the Company believes there is ample room on the Raven site for expansion, and discussions with current and potential customers are underway for additional offtake.
The Company also announced the appointment of Kevin C. Clement to its Board of Managers. Mr. Clement has over 35 years of energy industry experience across midstream market sectors of refined products, natural gas, natural gas liquids, crude oil, asphalt and residual fuels. Previously, Mr. Clement has held senior leadership roles with Koch Industries, SemGroup and SandRidge Energy, and served as a board director at NGL Energy Partners. During his career, Mr. Clement has actively led or participated in more than $4 billion in mergers, acquisitions, and divestitures. Mr. Clement holds a Bachelor of Business Administration from the Barton School of Business at Wichita State University.
Todd Bright, Managing Director and Head of Americas for the Partners Group infrastructure investment business, added, "Kevin is a seasoned veteran in the U.S. midstream energy sector, and his experience and insights at the Board level will add tremendous value for Raven as we look forward to building and expanding the project together with our partners."
About the Company
The Company's subsidiary, SBE Chemical Partners I LLC, is the owner of the Raven project. Quanta Capital and funds managed and/or advised by Partners Group are partnering as co-lead financial sponsors for the project.
About Partners Group
Partners Group is a global private markets investment management firm with over EUR 54 billion (USD 57 billion) in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 900 people and is listed on the SIX Swiss Exchange with a major ownership by its partners and employees.
About Quanta Capital
Quanta Capital and its affiliate, First Infrastructure Capital Advisors, LLC, a registered investment advisor, source, structure, and invest in infrastructure projects and companies in the electric power, midstream, downstream, telecommunications, and renewable energy industries. Quanta Capital's previous infrastructure projects include high and medium voltage transmission lines and substations, gathering pipelines and processing facilities, downstream pipeline systems and storage, telecommunications networks, and renewable energy generation in North and Latin America.
This press release (and any oral statements regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the Company's plans and strategies; any expected value of offtake agreements and other contracts with customers; capital commitments; the anticipated commencement and commercial operations dates for the facility; the safety, efficiency or success of the project; the impact of the facility on its desired customer markets; and prospective growth in the demand for Butene-1 and products and related expansion opportunities; as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Although the Company and its management believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond the Company's control, including, among others, the effects of industry, economic or political conditions outside of the control of the Company; successful construction of the facility pursuant to the EPC contract and commencement of commercial operations; issues related to intellectual property associated with licensed technology and processes; failure to realize the anticipated value of offtake agreements and other contract commitments; the potential for claims or damages associated with schedule delays or performance shortfalls; site conditions at the proposed location of the facility; the inability of customers to pay for Butene-1; and other factors affecting the facility and the business of the Company generally. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. The Company does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Company further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.
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SOURCE Raven Holding Company, LLC