LS Power Completes Sale of Safe Harbor hydroelectric facility to Brookfield Renewable Energy Partners
New York, NY, April 4, 2014 -- LS Power Equity Advisors, through a private fund it manages, closed on the sale of its 33.3% ownership interest (with 50% voting rights) in the 417 MW Safe Harbor hydroelectric facility to a subsidiary of Brookfield Renewable Energy Partners, L.P. The transaction was completed at an enterprise value of $303 million, consisting of a $289 million cash purchase price plus customary working capital adjustments and the assumption of ~$14 million in net project debt on the Safe Harbor facility. LS Power Equity Advisors originally acquired the project from PPL Corporation in Q1 2011 along with two other assets.
About LS Power:
Founded in 1990, LS Power is an employee-owned, independent power company with offices in New York, New Jersey, Missouri and California. LS Power is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States. Since inception, LS Power has developed, constructed, managed or acquired more than 28,000 MW of competitive power generation and 470 miles of transmission infrastructure, for which it has raised over $27 billion in debt and equity financing.