NEW YORK--(Business Wire)--
Global Infrastructure Partners (GIP), an independent $5.64 billion
infrastructure investment fund, announced today that it has reached agreement to
acquire up to a 40% convertible preferred interest in Terra-Gen Power Holdings,
LLC (Terra-Gen) from ArcLight Capital Partners, LLC (ArcLight). Financial
details of the investment were not disclosed.
Terra-Gen is a leading US renewable power generation company that owns or
operates over 800 megawatts (MW) of renewable power facilities, including
geothermal, wind and solar projects across a broad area of the United States.
Terra-Gen also has over 5,000 MW of renewable energy projects under development.
Following completion of this transaction, which is expected by year-end,
ArcLight and GIP will be partners in driving the continuing growth of Terra-Gen.
Adebayo Ogunlesi, Chairman and Managing Partner of GIP, commented: "We are very
pleased to be working with ArcLight and the outstanding Terra-Gen management
team to help meet the growing demand for clean, renewable energy in the United
States. Their capabilities are an ideal complement to GIP`s operational
strengths and our expertise in the power sector."
Jonathan Bram, the GIP Partner leading the transaction, added: "This investment
represents an excellent opportunity for GIP. In Terra-Gen, we have a solid
portfolio of operating renewable projects combined with a unique growth platform
that includes each of the three most attractive clean energy technologies."
Credit Suisse acted as financial advisor to GIP.
About Global Infrastructure Partners
Global Infrastructure Partners (GIP) is an independent fund that invests
worldwide in infrastructure assets in both OECD and select emerging market
countries. GIP targets investments in single assets, and portfolios of assets
and companies, in power and utilities, natural resources infrastructure, air
transport infrastructure, seaports, freight railroad, water distribution and
treatment and waste management. GIP has offices in New York, London, Hong Kong
and Sydney and portfolio company operations headquarters in Stamford,
Connecticut.
Global Infrastructure Partners
Jack Cowell, 212-315 8133
cell: 917-405 0717
jack.cowell@global-infra.com
Copyright Business Wire 2009
