Energy Capital Partners Closes on Acquisition of Terra-Gen, LLC
Sep 01, 2015
Energy Capital Partners today announced it closed on the acquisition of Terra-Gen, LLC, the owner, operator and developer of utility-scale renewable and clean energy assets. Located throughout the western United States, Terra-Gen’s 653 MW portfolio spans 21 facilities and includes a diverse mix of wind (497 MW), solar thermal (89 MW) and geothermal (67 MW) plants. The assets are located primarily in California, with additional capacity located in Nevada, Wyoming, Texas, Colorado and Minnesota and are characterized by an exceptionally strong operating track record.
The Terra-Gen business is highlighted by its premier operating wind portfolio located primarily in Tehachapi and Palm Springs, California. Adjacent to the Los Angeles load pocket, these two regions boast some of the state’s best wind resources along with a recently upgraded transmission infrastructure, which allows Terra-Gen to directly deliver renewable power to end markets from San Francisco to San Diego.
In addition to the wind portfolio, Terra-Gen owns the 67 MW Reno, NV based Dixie Valley geothermal facility along with an 89 MW (50% ownership) stake in the SEGS VIII & IX solar thermal facilities. Both the Dixie Valley and SEGS projects operate under long term off-take agreements with Southern California Edison and combine to provide a stable and predictable base of cash flows for the business.
The Terra-Gen portfolio is managed by a team consisting of 185 employees led by highly regarded industry veterans Jim Pagano (CEO) and John O’Connor (CFO), who have built a track record of success while working together at both Terra-Gen and prior ventures.
About Terra-Gen Terra-Gen, LLC is a renewable energy company focused on developing, owning, and operating utilityscale wind, geothermal, and solar generation. Terra-Gen’s subsidiaries are responsible for the operation and maintenance of over 2,000 MWs of renewable projects. The company primarily sells the output of the renewable energy projects to utilities and power cooperatives under long-term power purchase agreements. Terra-Gen continues to expand operations in renewable generation through a combination of acquisitions of operating projects, development of new projects and partnering on mid and late stage development opportunities. For more information, please visit www.terra-gen.com.
About Energy Capital Partners Energy Capital Partners is a private equity firm focused on investing in North America’s energy infrastructure. Since 2005, the Firm has raised over $13 billion in commitments, utilizing this capital to build and acquire investment platforms across multiple energy sub-sectors. With offices in Short Hills, New Jersey, Houston, Texas and San Diego, California, Energy Capital Partners seeks to leverage its team’s decades of energy experience in investing and managing energy infrastructure assets and businesses to serve its investors and portfolio companies. For more information, visit www.ecpartners.com.
Energy Capital Partners