October 26, 2018 in
GREENWICH, CT – October 26, 2018 – Starwood Energy Group Global, LLC, a leading private investment firm focused on energy infrastructure, announced today that it has completed the sale to JERA of a 50% interest in the ~1.2GW generation portfolio known as Compass Power. JERA is an joint venture of two large, Japanese power companies, TEPCO and Chubu Electric. Starwood Energy did not engage a sellside advisor for the transaction.
Compass Power Generation is comprised of the 840 MW Marcus Hook Energy Center, the 173 MW Dighton facility and the 202 MW Milford facility. Starwood Energy acquired Marcus Hook in 2016 and Milford and Dighton in 2017. The portfolio was combined and financed in the Term Loan B market in December 2017, earning the distinction of “North America Conventional Power Project of the Year” from Power Finance and Risk, and was later refinanced in August 2018.
“We are happy to have this deal closed and to count JERA, one of the largest and most respected power investors globally, as a partner. We look forward to continuing to optimize and create value for these assets going forward,” said Himanshu Saxena, CEO of Starwood Energy.
About Starwood Energy Group Global, LLC
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds and other affiliated investment vehicles, Starwood Energy Group has raised equity commitments in excess of $3 billion and has executed transaction totaling more than $7 billion in enterprise value. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at www.starwoodenergygroup.com.
Tom Johnson or Patrick Tucker