BOSTON, Feb. 23, 2022 /PRNewswire/ --
On February 23rd, Generation Bridge II, LLC, a wholly owned subsidiary of ArcLight Energy Partners Fund VII, L.P., closed the previously announced acquisition of a 1.9 GW power generating portfolio from Public Service Enterprise Group ("PSEG").
Generation Bridge II consists of three facilities in ISO New England and one in New York ISO, and the portfolio is well diversified across markets, technology, and fuel type. The portfolio includes two highly efficient natural gas-fired combined cycles facilities and two peaking facilities that provide capacity, energy and ancillary services to New England and New York. The portfolio's dispatchable energy supply will help to allow the integration of intermittent renewable resources in the New England and New York electricity markets over the coming decades.
The acquisition was partially financed with a senior secured credit facility in the institutional term loan market.
Commenting on the transaction, Dan Revers, Managing Partner and Founder of ArcLight Capital Partners, LLC ("ArcLight") said, "Generation Bridge II furthers ArcLight's focus in supporting the transition to the energy grid of the future, which we expect to include a complementary mix of renewable resources and reliable, dispatchable resources."
Latham & Watkins LLP served as primary legal counsel to ArcLight. Credit Suisse served as exclusive financial advisor.
Founded in 2001, ArcLight is one of North America's leading energy infrastructure firms, helping pioneer an asset-based approach to investing in the energy sector. ArcLight has invested over $25 billion in 117 transactions since inception. Based in Boston, the firm's investment team employs a hands-on value creation strategy utilizing its in-house technical, operational, and commercial specialists, as well as the firm's approximately 1,500-person asset management affiliate. ArcLight has a deep track record of investing in businesses and assets that contribute to a decarbonized future, closing its first renewable power deal in 2003 with over $4 billion invested in renewable power transactions since then. ArcLight believes its two decades of power and renewables experience, along with its deep track record across the energy value chain, provide differentiated insights that will help the firm and its partners contribute to a net zero future. More information about ArcLight can be found at https://www.arclight.com/.
SOURCE ArcLight Capital Partners