Carlyle Group (CG) to Acquire Cogentrix Energy Assets from Goldman (GS)
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The Carlyle Group (Nasdaq: CG) announced that its infrastructure fund has agreed to acquire from Goldman Sachs Group, Inc. (NYSE: GS) the North American power generation assets held by Cogentrix Energy, LLC (“Cogentrix”), which include five coal and solar power projects in Florida, Virginia, Colorado and California, as well as a development pipeline of gas and renewable power projects. The transaction includes the Charlotte, North Carolina-based Cogentrix team, including professionals who will continue to initiate new power generation projects and acquisitions as well as bring their power asset management and operating expertise to Carlyle’s future investment activity in the power sector.
Equity for this investment comes from Carlyle Infrastructure Partners, a $1.14 billion fund. Terms of the transaction, which is subject to customary regulatory approvals and is expected to close during the fourth quarter of 2012, were not disclosed.
The transaction includes significant ownership stakes in coal-fired power plants in Jacksonville, Florida (Cedar Bay) and Hopewell and Portsmouth, Virginia; solar power facilities in Daggett, California (Sunray), and Alamosa, Colorado. Goldman Sachs will retain a minority stake in Cedar Bay. Cogentrix has operating and development personnel with experience developing and acquiring over 7,000 net megawatts of power generation during the past three decades.
Current Carlyle Infrastructure Partners investments include Illinois Central School Bus, a Midwest school bus transportation business; ITS Technologies & Logistics, which performs lift-on / lift-off of containers from trains and trucks; Project Service, an innovative partnership with the State of Connecticut to redevelop, operate and maintain Connecticut’s 23 highway service areas; and Western Water Holdings, which operates water utilities in California and Montana.
Vinson & Elkins served as legal advisor to Carlyle on the Cogentrix transaction.
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Equity for this investment comes from Carlyle Infrastructure Partners, a $1.14 billion fund. Terms of the transaction, which is subject to customary regulatory approvals and is expected to close during the fourth quarter of 2012, were not disclosed.
The transaction includes significant ownership stakes in coal-fired power plants in Jacksonville, Florida (Cedar Bay) and Hopewell and Portsmouth, Virginia; solar power facilities in Daggett, California (Sunray), and Alamosa, Colorado. Goldman Sachs will retain a minority stake in Cedar Bay. Cogentrix has operating and development personnel with experience developing and acquiring over 7,000 net megawatts of power generation during the past three decades.
Current Carlyle Infrastructure Partners investments include Illinois Central School Bus, a Midwest school bus transportation business; ITS Technologies & Logistics, which performs lift-on / lift-off of containers from trains and trucks; Project Service, an innovative partnership with the State of Connecticut to redevelop, operate and maintain Connecticut’s 23 highway service areas; and Western Water Holdings, which operates water utilities in California and Montana.
Vinson & Elkins served as legal advisor to Carlyle on the Cogentrix transaction.
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