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  1. Indiana Commission Okays AEP Sale of 1,096-MW Lawrenceburg Plant

    The Indiana Utility Regulatory Commission on Jan. 4 approved an Oct. 12, 2016, application from AEP Generating Co. (AEG), Lightstone Generation LLC and Lawrenceburg Power LLC for AEG's sale of a gas-fired power generating facility in Lawrenceburg, Indiana, to Lightstone Generation and Lawrenceburg Power.   This is the only Indiana plant in a package of three gas-fired power plants and one coal-fired plant that American Electric Power (NYSE: AEP) plans to sell to Lightstone. The four plants are: •the Darby facility, a 471-MW, six-unit natural gas-fired simple-cycle station located near Mount Sterling, Ohio, that began commercial operation in 2001; •the Gavin facility, a 2,665-MW, two-unit coal-fired station located in Cheshire, Ohio, that began commercial operation in 1974; •the Lawrenceburg facility, which began commercial operation in 2004; and •the Waterford facility, an 866-MW natural-gas fired combined-cycle station located in Waterford Township, Washington County, Ohio, that began commercial operation in 2003.   AEG owns and operates the Lawrenceburg Generating Facility. Lawrenceburg Power is a wholly-owned subsidiary of Lightstone Generation, and Lightstone Generation in turn is a joint venture of the Blackstone Group LP and ArcLight Capital Partners LLC.   Stephen Haynes, Senior Vice President-Strategic Initiatives and Chief Risk Officer at AEP, provided testimony to support this request for approval of the sale of the facility. He described the facility as a natural-gas-fired, combined-cycle plant with a summer net capacity of 1,096 MW. It is made up of four combustion turbine generators and two steam turbine generators.   Haynes testified that AEG acquired the facility last decade to serve the Ohio market through a power sales agreement with AEP's Ohio Power subsidiary. Subsequently, the power sales agreement was transferred to AEP Generation Resources, and the facility began selling all of its power into the wholesale power market with no direct customers or price assurance. He further testified that AEP's long-term strategy is to become a fully-regulated, premium energy company focused on investment in infrastructure and energy innovations, and that the present transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.   William Lee Davis, the Lightstone entities' Chief Executive Officer, testified that Lightstone Generation is a newly-established joint venture of Blackstone and ArcLight. Blackstone and ArcLight are two leading private equity funds focused on energy infrastructure, with significant investments and experience owning and operating power generation in North America and Europe. Combined, they have managed, owned, or operated over 38,000 MW of power generation globally, including operations in multiple U.S. competitive markets. Neither Blackstone nor ArcLight currently own any utility property in Indiana and they are not currently affiliated with any other utility in Indiana.   Davis testified that the Lightstone entities have the technical, financial, and managerial capability to properly own and operate the Lawrenceburg facility. Blackstone has invested or committed more than $48 billion of equity in 184 separate private equity transactions, with an aggregate transaction value of over $360 billion. In 2015, Blackstone reported approximately $4.65 billion in total revenues. As of 2016, Blackstone has owned and operated 20,056 MW of power generation assets globally.   ArcLight has committed over $16 billion of private equity in 99 transactions since its founding in 2001. It has deep, project-level knowledge with significant experience managing the ownership and operations of power generation facilities in North American and Europe. ArcLight has invested $8 billion in the power sector, and funds managed by ArcLight have owned interests in approximately 30,000 MW of electric generating and transmission capacity (with approximately 17,000 MW net to ArcLight's ownership).   Davis testified that Kindle Energy LLC will provide executive and asset management services, with primary responsibility for managing the facility. Consolidated Asset Management Services (CAMS), which currently manages over 30 power plant facilities with over 8,000 MW of capacity, will provide the operating services at the facility. Eastern Generation, which owns and operates seven facilities totaling approximately 5,000 MW of capacity through its Astoria Generating, New Covert, Lincoln, Crete and Rolling Hills subsidiaries, will provide select operating and management services in connection with CAMS and will provide asset management services to ArcLight. This article was republished with permission by Generation Hub.

    Online Articles

    Online Articles

    Mon, 9 Jan 2017

  2. Indiana commission OKs AEP sale of 1,096 MW power plant

    Three other plants in Ohio are also part of the sale deal

    Online Articles

    Online Articles

    Tue, 10 Jan 2017

  3. Private equity fund -raising rebounds in US and Europe

    Driven by a small number of funds that held large closes, US and European private equity fund -raising rebounded in 2011.

    Online Articles

    Online Articles

    Mon, 11 Apr 2011

  4. Haddington Ventures closes on new $350 million private equity fund for midstream

    Houston-based Haddington Ventures LLC said November 15 that it has closed its latest private equity fund , Haddington Energy Partners IV, LP (HEP IV), with total committed capital of nearly $350 million targeted for investments in midstream energy infrastructure.

    Online Articles

    Online Articles

    Thu, 15 Nov 2012

  1. Energy investors funds group closes fund at $250M

    Online Articles

    Online Articles

    Wed, 28 Jan 2004

  2. Energy Investors Funds Group closes fifth fund at $250m

    Energy Investors Funds Group, an established private equity fund manager that invests in the energy and electric power sector, announced the final closing of the United States Power Fund, L.P. on December 3, 2003 with total capital commitments of $250m.

    Online Articles

    Online Articles

    Tue, 27 Jan 2004

  3. Financing new ventures in oil and gas E&P technology domain - Part-2

    For oil and gas entrepreneurs’ raising capital, in a highly volatile and risk susceptible industry, is one of the toughest challenges. 

    Online Articles

    Online Articles

    Wed, 11 Feb 2015

  4. Vinson & Elkins adds partner in Energy Transactions practice

    Oil and gas transactional lawyer Bryan Loocke has joined Vinson & Elkins as a partner in its Energy Transactions practice, where he will advise both corporate and private equity clients in the energy sector. He is based in the firm's Houston office.

    Online Articles

    Online Articles

    Fri, 31 Jul 2015

  5. Roth and Ghauri join Jones Walker’s Houston office

    David R. Roth and Shahid A. Ghauri have Jones Walker LLP’s Houston office. Roth is a partner in the Real Estate Practice Group and Ghauri is a partner in the Business and Commercial Transactions Practice Group.   

    Online Articles

    Online Articles

    Mon, 16 Mar 2015

  6. Aethon Energy closes second private equity fund

    Aethon Energy Management LLC, a Dallas, Texas-based private investment firm focused on onshore oil and gas, has closed its second energy private equity fund , Aethon II LP. Together with co-investments, Aethon's recent fundraising represents $240 million in total capital commitments.

    Online Articles

    Online Articles

    Wed, 18 Nov 2015

  7. Magnum Hunter near closing Utica JV with private equity fund

    Magnum Hunter Corp., Houston, filed US Securities and Exchange Commission documents indicating a tentative letter of intent for a Utica shale joint venture involving an undisclosed private equity fund for $430 million.

    Online Articles

    Online Articles

    Wed, 12 Aug 2015

  8. TRC’s Top 12 Predictions for the Energy Industry in 2017

    TRC released its top 12 predictions for the energy, utility, and oil and gas sectors for 2017, including robust funding for utility mergers and acquisitions and infrastructure upgrades as well as big shifts in power plant and pipeline construction focus.

    Online Articles

    Online Articles

    Tue, 13 Dec 2016

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