28 05 2016

Alterna acquires 41.3% stake in a 432MW Natural Gas-fired combined cycle cogeneration facility

Alterna Capital Partners announced that a subsidiary of Alterna Core Capital Assets Fund II, L.P. closed on the acquisition of a 41.3% stake in Selkirk Cogen Partners L.P., the owner of a 432MW natural gas-fired combined-cycle cogeneration facility located near Albany, NY, from a subsidiary of investment funds managed by Ares EIF Management, LLC .


Terms of the transaction were not disclosed. Selkirk Cogen sells 100% of its merchant electric output to Zone F in the NYISO. Additionally, the project supplies steam under a long term Steam Sales Agreement to SABIC Innovative Plastics US LLC, a subsidiary of Saudi Basic Industries Corporation. Alterna, a private equity firm, invests in core capital assets and companies with significant involvement in the ownership, operation or financing of capital assets. Alterna seeks to make investments within the energy, industrial, power, transportation and related sectors. Alterna was founded in 2008 and manages over $1.25 billion across two funds and co-investments. Jones Day has advised Alterna in the acquisition with a team led by partner Dickson Chin. Involved fees earner: Dickson Chin - Jones Day;

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