Washington, DC – Global alternative asset manager The Carlyle Group (NASDAQ: CG) and its affiliated independent power producer and power generation asset manager, Cogentrix Energy Power Management, LLC, today announced the closing of a $650 million refinancing of Carlyle’s Nautilus Power portfolio, consisting of 1,749 net MWs of natural gas-powered generation. In connection with the refinancing, Nautilus Power, LLC repaid its existing indebtedness and recapitalized the portfolio. The Nautilus Power portfolio is owned by investment funds sponsored and managed by affiliates of Carlyle, and is managed and operated by Cogentrix.
The refinancing at Nautilus Power, LLC is comprised of:
• $575 million Senior Secured Term Loan B;
• $75 million Senior Secured Revolving Credit Facility.
The following generation facilities are included in the Nautilus Power refinancing:
• Newington, a 575 MW gas-fired combined cycle in New Hampshire;
• An 80% interest in Lakewood, a 265 MW gas-fired combined cycle in New Jersey;
• Ocean Peaking Power, a 358 MW gas-fired peaking facility in New Jersey;
• Rock Springs, a 358 MW gas-fired peaking facility in Maryland;
• Three gas-fired peaking units totaling 189 MWs in Massachusetts;
• Petroleum-fired peaking units totaling 57 MWs at three locations in Massachusetts.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $162 billion of assets under management across 287 investment vehicles as of March 31, 2017. 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 Investment 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, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents.
About Cogentrix Energy Power Management, LLC
Cogentrix is a leading independent power producer with a long track record of successfully acquiring, developing, constructing, operating and improving power generation assets. Consistent with its engineering origins and culture, Cogentrix maintains a disciplined and well-designed approach to asset improvement. The firm’s ability to enhance value has resulted in achieving superior operating performance from its power generation assets while maintaining a minimal and well-managed risk profile. Based in Charlotte, North Carolina, Cogentrix is owned by funds managed by The Carlyle Group, one of the world’s largest alternative asset management firms, and serves as Carlyle’s in-house power asset management platform. The Cogentrix Team has extensive engineering and operational experience across a broad range of generation technologies, including: (a) gas- and oil-fired combined cycle, (b) gas-fired simple cycle, (c) coal-fired technologies, (d) solar power generation and (e) hydroelectric generation. The firm’s broad base of capabilities allows it to assist Carlyle in the assessment and pursuit of a wide array of market opportunities. Together, Carlyle and Cogentrix are focused on the acquisition and management of generating resources that exhibit opportunity to materially enhance value through environmental improvements, operational enhancement, commercial management and asset management. Since its founding in 1983, Cogentrix and its predecessors have been directly involved in the development, ownership, operations and management of coal-fired, natural gas-fired and solar power assets delivering a combined generating capacity in excess of 10 GW. Through the ownership and operation of these plants, Cogentrix has participated in most of the major power regions in the U.S. Cogentrix currently manages plants in the Carlyle portfolio, which has a total net generation of approximately 5,800 MW.