Voltage Finance LLC Acquires 25% Equity Interest in California's CPV Sentinel Energy Center
DESERT HOT SPRINGS, Calif., Oct. 2, 2013 /PRNewswire/ -- Voltage Finance LLC today announced that it has purchased a 25-percent equity interest in the CPV Sentinel Energy Center, a state-of-the-art, 800-megawatt, natural gas-fired electric generating facility located in Desert Hot Springs, CA.
Voltage Finance is owned by a group of private investors and is managed by an independent board of directors. One of the directors is a member of the Infrastructure Group of Guggenheim Partners.
Guggenheim Investments will serve as an advisor to Voltage Finance and will provide administrative and operational services in connection with the financing of the transaction.
Voltage Finance acquired its ownership stake from an affiliate of GE (NYSE: GE) unit GE Energy Financial Services. GE manufactured the eight "quick-start" aeroderivative gas turbine packages at the heart of the power plant, which provides enough peak-time electricity to serve the equivalent of 640,000 homes.
The plant, developed and 25-percent owned by privately-held Competitive Power Ventures (CPV), came online in May 2013, three months ahead of schedule. It supplies power under a long-term power purchase agreement to Southern California Edison, a unit of Edison International. The third equity holder, with a 50-percent share, is Diamond Generating Corp. and affiliates, which are units of the Japanese multinational Mitsubishi Corp.
About the Guggenheim Infrastructure Group
The Guggenheim Infrastructure Group comprises investment and operating professionals with financial and energy asset management expertise. The Group focuses primarily on North American core energy infrastructure assets, with a particular emphasis on thermal and renewable power generation, oil and gas midstream infrastructure, and electricity transmission.
About Guggenheim Partners
Guggenheim Partners is a privately held global financial services firm with more than $180 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients around the world from more than 26 offices in eight countries. For more information about Guggenheim Partners, visit www.guggenheimpartners.com.
SOURCE Voltage Finance LLC