Alterna Acquires a 41.3% Stake in a 432MW Natural Gas-fired Combined Cycle Cogeneration Facility
Wilton, CT. April 8, 2016 – Alterna Capital Partners announced today that a subsidiary of Alterna Core Capital Assets Fund II, L.P. closed on the acquisition of a 41.3% stake in Selkirk Cogen Partners L.P. (“Selkirk Cogen”), the owner of a 432MW natural gas-fired combined-cycle cogeneration facility located near Albany, NY, from a subsidiary of investment funds managed by Ares EIF Management, LLC . Terms of the transaction were not disclosed.
Selkirk Cogen sells 100% of its merchant electric output to Zone F in the NYISO. Additionally, the project supplies steam under a long term Steam Sales Agreement to SABIC Innovative Plastics US LLC, a subsidiary of Saudi Basic Industries Corporation.
About Alterna Capital Partners
Alterna, a private equity firm, invests in core capital assets and companies with significant involvement in the ownership, operation or financing of capital assets. Alterna seeks to make investments within the energy, industrial, power, transportation and related sectors. Alterna was founded in 2008 and manages over $1.25 billion across two funds and co-investments. For further information visit www.alternacapital.com.
About Ares EIF Management, LLC
Founded in 1987, Ares EIF (a wholly owned subsidiary of Ares Management) was one of the first private equity managers to focus on the independent power and energy infrastructure industry and manages approximately $4.5 billion of equity capital. Ares EIF-managed funds own multiple natural gas pipelines and approximately 6,000 net MW of power projects.