Linden, NJ-Based Plant Among the Biggest and Most Efficient Power
Producers in New York-New Jersey Market
Ares Management, L.P. (NYSE:ARES) announced today that funds managed by
the Ares-EIF Group have closed on the acquisition of a 50% stake in
Linden Cogen Holdings, LLC, the owner of a 943-MW natural gas-fired
combined-cycle cogeneration project, located in Linden, New Jersey, from
a subsidiary of GE Energy Financial Services. Terms of the transaction
were not disclosed.
In addition to being connected to the PJM power market, Linden Cogen is
a critical supplier of power to New York City and is also a long-term
steam and electricity supplier to New Jersey’s Bayway Refinery, the
largest oil refinery on the East Coast.
“This acquisition marks the addition of a flagship asset to the Ares EIF
portfolio and represents an opportunity to gain further exposure to one
of the most attractive power markets in the U.S.,” said Mark Voccola, a
Partner of the Ares-EIF Group. “In addition to significant locational
advantages, Linden Cogen has a strong steam host, and an excellent
operating track record.”
In operation since 1992, Linden Cogen features a total of six gas-fired
turbines and three steam turbines. Located approximately 20 miles from
New York City, the project currently sells most of its electrical and
steam output under long-term contracts, with the balance sold to the PJM
and NYISO Zone J markets.
About Ares Management, L.P.
Ares Management, L.P. (NYSE:ARES) is a leading global alternative asset
manager with approximately $88 billion of assets under management and
more than 15 offices in the United States, Europe and Asia as of June
30, 2015. Since its inception in 1997, Ares has adhered to a disciplined
investment philosophy that focuses on delivering strong risk-adjusted
investment returns throughout market cycles. Ares believes each of its
four distinct but complementary investment groups in Tradable Credit,
Direct Lending, Private Equity and Real Estate is a market leader based
on assets under management and investment performance. Ares was built
upon the fundamental principle that each group benefits from being part
of the greater whole.
The Ares-EIF Group, formerly known as Energy Investors Funds (EIF), was
acquired by Ares in January 2015. Founded in 1987, Ares-EIF has a
28-year track record and is one of the first managers focused on the
independent power and electric utility industry. Ares-EIF’s investment
strategy is to create geographically and technologically diversified
portfolios of energy infrastructure investments via acquisitions as well
as development and construction across the power generation,
transmission and midstream sectors.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150922005388/en/
Copyright Business Wire 2015
Source: Business Wire
(September 22, 2015 - 8:00 AM EDT)
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