Canadian infrastructure investment firm Axium Infrastructure recently agreed to acquire Brooklyn Navy Yard Cogeneration Partners LP, owner of the Brooklyn Navy Yard cogeneration facility located in Brooklyn, New York. No financial terms were released. The seller is a power and energy infrastructure fund affiliated with Ares Management, a U.S. private equity firm. The Brooklyn Navy Yard facility is a 286 megawatt operating project that supplies electricity and steam to New York City. Based in Montréal, Axium has invested, or committed to invest, in a portfolio of more than 100 North American infrastructure assets since 2010.
Axium Infrastructure to acquire Brooklyn Navy Yard Cogeneration Partners
NEW YORK – April 27, 2018 – Axium Infrastructure (Axium), an independent North American infrastructure portfolio management firm, has announced that it has entered into a definitive agreement for the acquisition of 100% of the ownership interest in Brooklyn Navy Yard Cogeneration Partners, L.P. (BNYCP) from a fund managed by Ares EIF, the power and energy infrastructure strategy within the Private Equity Group at Ares Management, L.P. (NYSE: ARES).
BNYCP owns the Brooklyn Navy Yard cogeneration facility (BNY), a 286 megawatt operating project located in Brooklyn, NY that provides steam and electricity in the New York Independent System Operator Zone-J power market under long-term offtake agreements with the Consolidated Edison Company of New York (ConEd) and the Brooklyn Navy Yard Development Corporation.
“Axium is pleased to announce the acquisition of the Brooklyn Navy Yard cogeneration facility. BNY is an essential infrastructure asset that supplies competitive electricity and steam to the City of New York,” said Paulo Arencibia, Vice President and Investment Director of Axium Infrastructure US Inc. “BNY benefits from predictable cash flows derived from its Energy Sales Agreement with ConEd with 18 years of remaining contract life. The project is a great fit with our core investment strategy and will further diversify our growing US portfolio.”
Axium is advised by Barclays and Winston & Strawn. The transaction is subject to receipt of customary regulatory approvals.
About Axium Infrastructure:
Axium Infrastructure (comprised of Axium Infrastructure Inc. and its affiliated entities) is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure had approximately $2.2 billion in assets under management as of December 31, 2017, as well as approximately $1 billion in co-investments. The firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating and managing infrastructure assets. Focus is placed on assets that are supported by robust market demand and under longterm contract with creditworthy counterparties.
Since 2010, the firm has invested, or committed to invest, in a diversified portfolio of over 100 North American infrastructure assets. For further information, including information about other infrastructure assets the firm has invested in, please visit www.axiuminfra.com. This release is for informational purposes only and does not constitute an offer or solicitation to buy securities of
For further information, please contact:
Vice President Investor Relations
Axium Infrastructure Inc.
T: +1 514-954-3781
Photo courtesy of Brooklyn Navy Yard Cogeneration LP