Strategic Value Partners Announces Acquisition of Red Oak Power

GREENWICH, Conn. and SAYREVILLE, N.J., July 8, 2025 /PRNewswire/ -- Strategic Value Partners, LLC (together with its affiliates, "SVP"), a global alternative investment firm with approximately $22 billion of assets under management, today announced that its managed funds (the "SVP Funds") have agreed to acquire Red Oak Power, an 831-megawatt natural gas-fired combined-cycle generation facility located in Sayreville, New Jersey.

Red Oak, which began commercial operations in 2002, features efficient, natural gas-fueled CCGTs utilizing Siemens 501FD3 technology. It is a key provider of reliable, low-cost power to customers in New Jersey and the broader PJM Interconnection region.

SVP Funds made this investment in Red Oak as part of the strategic partnership SVP formed in 2024 with EverGen Power ("EverGen"), a power generation acquisition and asset management firm established to support SVP with power generation investments across North America.

"Red Oak is a critical asset, located in a high-power demand area that we expect to continue to see accelerated growth from AI-driven data center development and the broader electrification of the economy. Its proven and efficient technology makes it well-positioned to continue to provide low-cost, reliable power to the Northeast," said Ari Barz, Co-CEO of EverGen. "We are excited to partner with SVP on this investment as we expand our presence in PJM. We look forward to the continued optimization of the operational and commercial performance of this important facility," added Dave Freysinger, Co-CEO of EverGen.

"With the benefit of EverGen's and SVP's industry expertise, we were able to move quickly and provide deal certainty on an expedited timeline," said David Geenberg, Head of North American Corporate Investments at SVP. "We have worked closely with the members of the EverGen leadership team for many years, including in the underwriting, restructuring and operation of GenOn, a 12 GW merchant fleet, in 2018, and the sourcing and acquisition of a managing stake in Birdsboro Power, another merchant CCGT in PJM, earlier this year."

SVP has deep investing expertise across a number of real asset sectors and has invested approximately $2.4 billion in power assets since 2008. In addition to holding majority ownership of GenOn Holdings, Inc. ("GenOn") since 2018, SVP Funds have made significant investments in several energy assets and companies. The EverGen team is led by Ari Barz and Dave Freysinger. Together with Senior Advisor Stephen Schaefer, they bring over 75 years of experience in the power generation sector.

About SVP
SVP is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit and financing opportunities. The firm uses a combination of sourcing, financial and operational expertise to unlock value in its portfolio companies. Today SVP manages approximately $22 billion in assets under management, and since inception, has invested more than $53 billion of capital. The firm, established by Victor Khosla in 2001, has over 200 employees, including more than 100 investment professionals, across its main offices in Greenwich (CT) and London, and a presence in Tokyo. Learn more at www.svpglobal.com

About EverGen Power
EverGen is a platform formed and backed by SVP Funds, created to acquire and operate critical power infrastructure that supports the delivery of reliable and safe energy, addressing the increasing demand for power driven by electrification. Its leadership prides itself on its track record of excellence, having worked closely together for almost a decade and with a combined 75 years of experience in the power generation sector. Learn more at www.evergenpwr.com 

Contact:

Liz Bruce
Head of Communications and Brand
Strategic Value Partners
[email protected] 

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SOURCE Strategic Value Partners