On July 5th, 2017, 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 announced the closing on the acquisition of approximately 1,100 MW of gas-fired generation capacity in Illinois. The three peaking plants were purchased from a Rockland Capital managed fund by a newly formed holding company, Lincoln Power, L.L.C. This acquisition has increased the Carlyle and Cogentrix net power portfolio to 5,900 megawatts (MW).
The Lincoln Power portfolio includes:
The Elgin and Rocky Road facilities serve the PJM ComEd zone and the Tilton facility serves the PJM RTO market via pseudo-tie rights.
Carlyle also simultaneously closed on a $297 million credit facility to partially fund the Lincoln Power acquisition in addition to providing working capital for these assets.
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion of assets under management across 299 investment vehicles as of June 30, 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.
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 serves as Carlyle’s power asset management platform. The Cogentrix team has extensive engineering, operational and commercial experience across a broad range of generation technologies and markets. The firm’s broad base of capabilities allows it to assist Carlyle in the assessment and pursuit of a wide array of market opportunities. Cogentrix manages Carlyle’s power portfolio, which has a total net generation of approximately six gigawatts throughout the U.S.