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For Immediate Release: |
Contact: |
ENERGY INVESTORS FUNDS ACQUIRES GLEN PARK HYDROELECTRIC PROJECT
Transaction is the Firm’s Second in New York’s Black River Region
NEW YORK, NY (August 29, 2005) – Energy Investors Funds, an established private equity fund manager that invests in the energy and electric power sector, today announced that its United States Power Fund, L.P. and United States Power Fund II, L.P., have acquired the Glen Park Hydroelectric Project located on the Black River near Watertown, NY. The financial terms of the transaction were not disclosed.
Operating since 1986, Glen Park is a 32-megawatt run-of-the-river generating facility that sells all of its power to Niagara Mohawk under the terms of a power purchase agreement. The sellers are affiliates of Northbrook Energy. A subsidiary of Northbrook will continue to operate Glen Park.
“Glen Park is a low cost producer with an excellent operating history and will continue to be operated by Northbrook Energy, an experienced operator that has been managing the plant for the last five years,” said Mark Voccola, vice president with Energy Investors Funds.
“Glen Park represents the second acquisition we’ve made in the Black River region of New York. In June 2004 we acquired Black River Energy and its assets which included the Black River Cogeneration plant in Watertown, NY,” said Terence Darby, Energy Investors Funds managing partner. “This is a high priced market with constrained supply.”
About Energy Investors Funds
Energy Investors Funds is 100% management owned and was founded in 1987 as the first investment manager to raise, close, invest, recapitalize, and liquidate the assets of a private equity power fund, and is the only private equity power fund manager with an established track record of long‑term success.
Energy Investors Funds has mobilized over $1.5 billion in capital, and currently manages five private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 65 diversified investments, with a combined underlying asset value exceeding $5 billion. For more information visit www.eifgroup.com.
The United States Power Fund, L.P., which closed in December 2003, raised total commitments of $250 million from endowments and foundations, pension plans, fund‑of‑funds, high net worth individuals, banks and insurance companies, and utilities. The Fund principally targets investments in generation, transmission and energy service assets in the U.S. The United States Power Fund II, L.P., which had its first closing in June 2005, has commitments from the same network of investors and is pursuing a similar investment strategy. Each of these funds are managed by Energy Investors Funds.
