A part of the PJM Interconnection, Red Oak is a 823MW combined-cycle power plant (CCPP), and currently operates under a long-term power purchase agreement.
Executed in collaboration with Cogentrix Energy Power Management, the transaction brings the total number of power generating facilities acquired by the company since 2012, to 11 with an aggregate enterprise value of over $1.2bn.
Carlyle managing director and Cogentrix Board chairman Robert Mancini said the acquisition is a great opportunity to create value for the company fund investors by taking advantage of the changing power generation landscape in North America.
”We are excited to add a modern, highly efficient, natural gas-fired facility like Red Oak to our portfolio of power holdings,” Mancini added.
Equity capital for the transaction was provided from Carlyle’s Power and Infrastructure funds.
