BIRMINGHAM, Ala., July 29, 2021 (GLOBE NEWSWIRE) -- Gulf Pacific Power (“GPP”), through its subsidiary Georgia Gulf Power Holdings, LLC has completed the acquisition of a 50% stake in AL Sandersville Holdings, LLC (“Sandersville”), a holding company that owns a 600 MW simple cycle peaking facility located near Sandersville, Georgia. Sandersville began operations in 2002 and sells its output under long-term tolling agreements with Morgan Stanley & Co. LLC.
GPP was formed to make equity investments in North American power assets backed by commitments from the California Public Employees’ Retirement System (“CalPERS”) and Harbert Management Corporation (“HMC”) affiliates. Sandersville, a follow-on investment to GPP’s Washington County Power investment, is the seventh investment for GPP. In addition to Sandersville, GPP’s current portfolio includes investments in: Gulf Plains Wind, LLC, a portfolio of four operating wind projects located in Oklahoma and Minnesota; Rocky Caney Wind, a 350 MW wind power generation portfolio with projects in Kansas and Oklahoma; Washington County Power, a 627 MW simple cycle power plant near Sandersville, Georgia; Northern Star Generation, a portfolio of five electric generation facilities with a combined net capacity of 1,052 MW; Astoria Energy II, a 575 MW combined cycle power plant in New York City; and Desert Sunlight, a 550 MW(ac) solar photovoltaic power generation facility in eastern Riverside County, California.
A spokesperson for GPP noted, “The Sandersville investment is a welcomed addition to our portfolio. The plant has a strong operating history with a track record of resilient and sustainable operations. We are excited to expand upon our Georgia Gulf platform, providing safe and reliable capacity throughout the Southeast.”
Hogan Lovells acted as legal counsel to GPP on the transaction.
About HMC
HMC, an alternative asset management firm with approximately $7.7 billion in Regulatory Assets Under Management as of June 30, 2021, is a privately owned firm formed in 1993 to sponsor alternative asset investment funds. HMC serves foundations and endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include European and U.S. real estate, seniors housing, U.S. growth capital, credit solutions, infrastructure, and absolute return funds. Additional information about HMC can be found at www.harbert.net.
Contact: HMC Communications
Telephone: 205.987.5500
E-mail: tmaddox@harbert.net