Energy Investors Funds, a private equity investor, announced Friday that it has completed the sale of Watertown, N.Y.-based Black River Generation plant to ReEnergy Holdings. Terms of the deal were not disclosed. Black River Generation is a coal-fired facility located on the Fort Drum U.S. Army Base.
Energy Investors Funds (“EIF”) announced today that the firm completed the sale of the Watertown, NY-based Black River Generation plant to ReEnergy Holdings, LLC. Terms of the deal were not disclosed.
Black River Generation is a 55 MW coal-fired facility located on the Fort Drum U.S. Army Base in Watertown, NY. The project commenced commercial operations in 1988. EIF’s United States Power Fund, L.P. acquired the project in 2004. ReEnergy Holdings plans to convert the facility to a biomass power plant.
“Black River Generation has been a solid investment for our firm and investors,” said Robert Franson, Vice President at EIF. “ReEnergy is well suited to convert the facility to a biomass project.”
“With this sale, we have sold the last material asset held by United States Power Fund, which closed on $250 million in capital commitments in late 2003,” said Terrence Darby, Managing Partner at EIF. “We are grateful to our limited partners, many of whom have continued to support successive EIF funds.”
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 eight funds, and currently manages five 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 3,675 MW of capacity in operation and under construction, as well as an additional 2,875 MW under development. EIF closed on its latest private equity fund, EIF United States Power Fund IV, L.P. in October 2011, with $1.713 billion in capital commitments.