Power Capital Holdings has formed a firm focused on the global power sector called Power Capital Partners. The firm has been launched in partnership with Hunt Power Capital Partners, owned by Hunt Consolidated, a part of a group of companies managed by the Ray L. Hunt family. Power Capital Partners’ executive management team includes Jeffrey Stein, Mitchell Posner and Jeff Hunter.
Power Capital Holdings LLC (“PCH”) is pleased to announce the launch of a new global power sector private equity firm, Power Capital Partners LLC (“PCP”). PCP has been launched in partnership with Hunt Power Capital Partners, LLC (“HPCP”), a wholly owned subsidiary of Hunt Consolidated, Inc. (“Hunt”), which is part of a larger privately owned group of companies managed by the Ray L. Hunt family. PCP is based in White Plains, New York, with a regional office in Austin, Texas.
PCP’s creation results from the combination of a highly qualified and deeply experienced investment team with a leading global energy sector developer and investor.
The PCP executive management team includes Co-Founding Managing Partners Jeffrey S. Stein, K. Mitchell Posner and Jeff D. Hunter. The Managing Partners have over 70 years of combined asset management, investment and operating experience in power generation and related industries. PCP will pursue late stage development investments in conventional and renewable power plants and related infrastructure in North America, Latin America, Asia, Europe, Africa and other select global locations. PCP will invest exclusively in projects that are either fully contracted or hedged with investment grade counterparties and therefore exhibit highly predictable cash flow. The fully integrated PCP business model and investment strategy, which includes capital investment from development through construction completion, operation and monetization, is unique in the energy focused asset management industry.
Hunt is one of the preeminent independent energy and investment companies in the world that engages in oil and gas exploration, refining, power, real estate, ranching and private equity investments. Hunt has made a substantial commitment to electric power through its role in the formation of Sharyland Utilities, L.P., and through its investment holdings in both InfraREIT Capital Partners, LLC and US Power Generating Company (“USPowerGen”). Hunt will provide PCP with access to information and resources to implement the business model and execute the investment strategy.
“We are excited to be partnering with such an accomplished team of power investment professionals to launch this new private equity firm. PCP represents a strategic addition to furthering the growth of our activities in this sector,” said Hunter Hunt, President of Hunt Power.
Co-Development Agreement with Bechtel Development Corporation (“BDC”), an affiliate of Bechtel Corporation, provides enhanced opportunity for PCP to pursue global power investments.
PCP has executed a co-development agreement (the “Co-Development Agreement”) with BDC to invest side-by-side in fully contracted or hedged conventional and renewable power plants and related infrastructure on a global scale that PCP and BDC decide to pursue together. BDC has a long-term track record of successful global project development and has developed over 30,000 MW of power generating capacity. PCP and BDC are currently developing a 30 MW biomass power plant in New England and are considering several additional development investment opportunities.
“It is a privilege to have Hunt Consolidated as a financial and strategic partner for PCP. The international project development and operating expertise of Hunt provides the perfect complement to the PCP executive management team. We believe that the partnership with Hunt coupled with the Co-Development Agreement with BDC clearly positions PCP for success,” said Jeffrey S. Stein, Managing Partner of PCP.
PCP Management Team Biographies
Jeffrey S. Stein: Mr. Stein is an accomplished investment professional with over 20 years of experience in the distressed debt and special situations asset class who has substantial experience investing in the merchant power and regulated electric utility industries. Mr. Stein has invested in numerous power companies representing a broad array of power plants diversified by fuel source, position on the dispatch curve, geographic location and technology. In addition Mr. Stein has been actively involved in the hedging, refinancing, restructuring and sale of various power assets. Previously Mr. Stein was a Co-Founder and Principal of Durham Asset Management LLC (“Durham”), a global event-driven distressed debt and special situations asset management firm with approximately $1.5 billion in assets under management. Prior to Durham Mr. Stein was a Director at The Delaware Bay Company, Inc., a boutique research and investment banking firm. Mr. Stein currently serves a Director on the Boards of Dynegy Inc. (public), US Power Generating Company (private), Granite Ridge Holdings, LLC (private) and Ambac Financial Group, Inc. (public). Mr. Stein previously served as a Director on the board of KGen Power Corporation (private).
K. Mitchell Posner: Mr. Posner is an accomplished investor and bankruptcy attorney with over 30 years of broad business, legal and investing experience. Previously Mr. Posner was Executive Vice President of the Alpine Group, Inc. (“Alpine”), a closely held industrial holding company that acquired, owned and operated underperforming industrial businesses. Mr. Posner was principally responsible for sourcing, negotiating and financing acquisitions at Alpine and has been actively involved in corporate transactions totaling over $3.0 billion. Prior to Alpine Mr. Posner was a Managing Director at UBS Global Asset Management Company (“UBS”), a wholly owned subsidiary of UBS AG with approximately $700 billion in assets under management. Mr. Posner currently serves as a Director on the Board of United Automobile Insurance Group (private). Mr. Posner previously served as a Director on the Boards of Adams Street Partners (private), Structured Credit Holdings plc (private) and Wolverine Tube, Inc. (private).
Jeff D. Hunter: Mr. Hunter is a seasoned energy and power industry executive with over 20 years of direct operating and management experience. Previously Mr. Hunter was a Co-Founder, Executive Vice President and Chief Financial Officer of US Power Generating Company, a privately held merchant power company that acquired, financed, and operated a portfolio of five conventional power stations located in New York, New York and Boston, Massachusetts with a total capacity of 5,300 MW. Prior to USPowerGen Mr. Hunter was a Partner at PA Consulting Group (“PA”) principally responsible for managing the Global Energy Strategy & Risk Management practice. Mr. Hunter currently serves as a Director on the Board of US Power Generating Company (private).
About Power Capital Partners
Power Capital Partners is a private equity firm formed to invest globally in the development, construction and operation of fully contracted or hedged conventional and renewable power plants and related infrastructure.