Strategic Value Partners to buy stake in another PJM power plant

Strategic Value Partners has agreed to acquire an equity interest in Carroll County, a 700 MW combined-cycle gas turbine power plant in PJM. 

In the deal, SVP will purchase a 32% equity interest in the natural gas-fired plant, which is located in Carrollton, Ohio, according to an Oct. 2 press release. 

An owner group comprising JERA Americas and Prudential Financial put their approximately 30% interest in Carroll County up for sale earlier this year. 

Whitehall & Co. advised the sellers, as first reported by PeakLoad on April 7. 

SVP Funds made this investment as part of its strategic partnership with EverGen Power, a power generation acquisition and asset management firm. 

“Carroll County Energy is a highly efficient, baseload plant providing reliable power to Ohio and the broader Mid-Atlantic, supporting further electrification in the economy and increasing power demand from data centers in the region,” Ari Barz, co-ceo of EverGen, said in a statement. 

The deal follows SVP and EverGen’s recent acquisitions of a managing stake in Birdsboro, a 485 MW CCGT in Pennsylvania; and the acquisition of Red Oak, an 831 MW CCGT in New Jersey.

“The distinctive combination of EverGen’s industry expertise and SVP’s ability to navigate complex transactions allowed us to provide speed and certainty to the global consortium of stakeholders in this Ohio plant critical to reliability and datacenter development,” David Geenberg, head of North American corporate investments at SVP, commented. 

SVP Funds has held a majority ownership of GenOn Holdings, Inc. since 2018. 

The EverGen team is led by Barz and Dave Freysinger, former GenOn ceo; and senior advisor Stephen Schaefer, formerly with Riverstone Holdings.