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Carlyle infra fund to buy Cogentrix assets from Goldman Sachs

7 Sep 2012

Carlyle has agreed to buy a clutch of North American power generation assets held by Cogentrix Energy from Goldman Sachs, the Nasdaq-listed buyout giant said Friday.

The transaction will be financed through the firm’s $1.14bn Carlyle Infrastructure Partners fund.

Financial terms of the deal were not disclosed.

The acquisition will see Carlyle take control of 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 deal also includes the North Carolina-based Cogentrix team, who will also bring their power asset management and operating expertise to Carlyle’s future investment activity in the sector.

“This is an attractive portfolio of power assets that we look forward to managing and growing,” Carlyle managing director Robert Dove said in a statement.

“Access to the world-class development team at Cogentrix will deepen our existing infrastructure investment capabilities, enabling us to pursue an active program of acquiring and developing conventional and renewable power projects across the US.”

The deal 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.

Carlyle’s recent investments in the energy space include a joint venture with Sunoco to help the Philadelphia refinery to continue operation, a biomass gasification power plant in Connecticut called Plainfield Renewable Energy, and Colorado-based exploration company Black Raven Energy.

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