Energy Investors Funds has sold the Glen Park Hydroelectric Project to Fort Chicago Energy Partners for $80.1 million. Glen Park is a 33-megawatt hydroelectric generation facility near Watertown, New York.
Energy Investors Funds (“EIF”), an established private equity fund manager that invests in the U.S. energy and electric power sector, today announced that its United States Power Fund, L.P. and United States Power Fund II, L.P. have completed the sale of the Glen Park Hydroelectric Project to Fort Chicago Energy Partners L.P. for $80.1 million.
Operating since 1986 and located on the Black River near Watertown, N.Y., Glen Park is a 33-megawatt run-of-the-river hydroelectric generation facility. A subsidiary of Northbrook Energy will continue to operate the facility. Energy Investors Funds acquired the project in 2005 for an undisclosed sum.
“From the date of initial investment through disposition, the Glen Park project was a solid performer for EIF and its investors,” said Mark Segel, Partner at EIF who led the transaction along with Mark Voccola, Senior Vice President. “The Glen Park facility was a key investment in our USPF and USPF II funds and, as a renewable energy project, offered the portfolios diversity in terms of fuel source and carbon risk profile. The sale of Glen Park represents a significant step in the planned liquidation of USPF and a significant liquidity event for our USPF II investors.”
Barclays Capital served as EIF’s exclusive financial advisor in connection with the transaction.
About Energy Investors Funds
EIF was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As an investment manager, EIF seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. EIF has mobilized over $4 billion in capital raised in seven funds, and currently manages four private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments which have an underlying asset value greater than $15 billion. EIF controls 4,000 MW of operating power assets with another 2,200 MW of power assets under development or construction. For more information visit www.eif.com.