Singapore sovereign wealth fund invests in US natural gas plants

Singapore sovereign wealth fund Government of Singapore Investment Corporation (GIC) has agreed to partner ArcLight Capital Partners and GE Energy Financial Services in five gas fired power plants in Georgia, southeast of the United States.
GE and GIC will each acquire 24.95 per cent in the portfolio from an affiliate of ArcLight called Consolidated Asset Management Services. The affiliate will retain the remaining 50.10 percent and sole ownership of the portfolio.
Located in Georgia, the plants comprise a combined-cycle facility and four single-cycle peaking facilities. Together, they are capable of generating more than 2500 MW of power, with some plants using GE gas fired turbines.
All five plants are integral to regional power supply and grid stability, and are contracted under long-term agreements to investment-grade counterparties and are managed by Consolidated Asset Management Services.
GIC's Global Head of Infrastructure Mr Ang Eng Seng said in a statement that the plants are an attractive acquisition. "This is an attractive portfolio of contracted power generation facilities in a region experiencing increasing demand for low carbon, efficient power," said Mr Ang.
"The completion of this transaction complements our growing portfolio of infrastructure investments in the US," Mr Ang added. Currently, about 43 per cent of GIC's entire investment portfolio, worth over $100bn, are based in the United States.
In addition to their ArcLight investments, GIC currently has stakes in American financial institutions the Blackstone Group, Citigroup and Kohlberg Kravis Roberts & Company.
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