Starwood Energy Announces The Sale Of California Power Plant

GREENWICH, Conn., Sept. 9, 2013 /PRNewswire/ -- Starwood Energy Group Global, L.L.C. ("Starwood Energy"), a leading private investment firm focused on the power sector in North America, announced today that it has closed the sale of its Starwood-Midway Peaking Power Project ("Midway"), a 120MW simple-cycle gas-fired generation facility located in Firebaugh, CA, to affiliates of Carlyle Infrastructure Partners ("Carlyle"). Terms of the transaction were not disclosed.

Midway, which was exclusively developed and constructed by Starwood Energy, achieved commercial operations in May 2009.  The facility is party to a tolling agreement with Pacific Gas & Electric which runs through 2024.  Sumitomo Mitsui Banking Corporation and Portigon Financial Services provided the original construction and term debt facility, which will remain in place post-closing. 

"The Midway project highlights the full range of capabilities of the Starwood Energy team, which includes a disciplined approach to  development, construction, commercial contracting,  and operations," said Brad Nordholm, CEO of Starwood Energy. "The sale represents a strong outcome for our investors."

"We are pleased to have completed this transaction with Carlyle.  Midway has been a longterm value-add investment for Starwood and we are excited to transition ownership to another experienced and capable team," said Alex Daberko, Vice President of Starwood Energy.

Scotia Capital acted as sellside advisor on the transaction.

About Starwood Energy Group
Starwood Energy is a private equity investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its existing general opportunity fund, Starwood Energy Infrastructure Fund, LP ("SEIF") and other affiliated investment vehicles, Starwood Energy manages total equity commitments of approximately $1.2 billion.  To date Starwood Energy and its affiliates have committed to energy infrastructure transactions totaling nearly $4 billion in enterprise value.  Recent, select transactions include investments in a combined cycle power plant in Colorado, a 70MW solar photovoltaic project in Ontario, interests in two biomass projects in the eastern U.S.  and Hudson Transmission Project, a 660 MW submerged power cable connecting Manhattan to New Jersey that began commercial operation in June 2013.  More information can be found at www.starwoodenergygroup.com.

SOURCE Starwood Energy Group Global, L.L.C.