Carlyle's Power Management Team Acquisitions Now Total More Than $1.2
Billion in Enterprise Value Since Late 2012
WASHINGTON--(BUSINESS WIRE)--
Global alternative asset manager The
Carlyle Group (NASDAQ: CG), today announced it has completed the
acquisition of the Red Oak power generation facility located in
Sayreville, New Jersey. The acquisition was executed in conjunction with
Cogentrix Energy Power Management, LLC, which was acquired by Carlyle
funds in late 2012, and brings the total number of power generating
facilities acquired since then to 11 with an aggregate enterprise value
of more than $1.2 billion. Financial terms were not released.
Robert Mancini, Carlyle Managing Director and Chairman of the Board of
Cogentrix, said, "This acquisition is a great opportunity to create
value for our fund investors by taking advantage of the changing power
generation landscape in North America. We are excited to add a modern,
highly efficient, natural gas-fired facility like Red Oak to our
portfolio of power holdings."
Red Oak, acquired from Energy Capital Partners, is an 823-MW,
combined-cycle power plant and currently operates under a long-term
power purchase agreement. The facility is part of the PJM
Interconnection, the world's largest and most liquid competitive power
market.
Equity capital for this transaction came from Carlyle's Power and
Infrastructure funds.
Cogentrix, a Carlyle portfolio company, is a developer, operator and
manager of independent power plants in North America. Founded in 1983,
Cogentrix has been directly responsible for the development,
engineering, construction, operation and management of a portfolio
totaling 41 fossil and renewable power facilities with a combined
generating capability of over 10,000 megawatts.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager
with $185 billion of assets under management across 122 funds and 81
fund of funds vehicles as of September 30, 2013. Carlyle's purpose is to
invest wisely and create value on behalf of its investors, many of whom
are public pensions. Carlyle invests across four segments — Corporate
Private Equity, Real Assets, Global Market Strategies and Solutions — in
Africa, Asia, Australia, Europe, the Middle East, North America and
South America. Carlyle has expertise in various industries, including:
aerospace, defense & government services, consumer & retail, energy,
financial services, healthcare, industrial, technology & business
services, telecommunications & media and transportation. The Carlyle
Group employs more than 1,450 people in 34 offices across six continents.
Web: www.carlyle.com
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The Carlyle Group
Liz Gill, +1 202-729-5385
Elizabeth.gill@carlyle.com
Source: The Carlyle Group
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