Energy Investors Funds has snagged a remaining 20% interest in Calypso Energy Holdings, and now owns 100% of the company. Calypso Energy is a portfolio of 12 power generation projects, and Energy Investors Funds initially bought an 80% stake in the company in late 2007. Terms of the latest deal were not released.
Energy Investors Funds (“EIF”) announced today that funds the firm manages have completed the acquisition of the remaining 20% interest in Calypso Energy Holdings, a portfolio of 12 power generation projects with a combined capacity of 2.7GW. Terms of the deal were not disclosed.
Funds managed by EIF initially acquired an 80% stake in Calypso Energy Holdings in November 2007. The projects, located in 11 states throughout the United States, operate under the terms of long-term power purchase agreements with investment grade counterparties providing low risk and stable cash flows based on contracted generation with regional differentiation, a diversity of fuel sources, and newer generation technology. With this acquisition, EIF now has 100% ownership of six of the 12 projects in the portfolio.
“Calypso Energy Holdings has been a great asset for our firm and we’re thrilled to acquire this remaining portion of the portfolio,” said Warren MacGillivray, Senior Vice President of EIF. “We look forward to continuing our work with the projects and adding value as we go forward.”
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 that have an underlying asset value greater than $15 billion. EIF has over 3,400 MW of capacity in operation and under construction, as well as an additional 3,450 MW under development. For more information visit www.eif.com.