The acquisition was executed in conjunction with Cogentrix Energy Power Management, which was acquired by Carlyle funds in late 2012, and brings the total number of power generating facilities acquired since then to 11 with an aggregate enterprise value of more than $1.2 billion.
Red Oak, acquired from Energy Capital Partners, is an 823-MW, combined-cycle power plant and currently operates under a long-term power purchase agreement. The facility is part of the PJM Interconnection.
Equity capital for this transaction came from Carlyle’s power and infrastructure funds.
Cogentrix, a Carlyle portfolio company, is a developer, operator and manager of independent power plants in North America. Founded in 1983, Cogentrix has been directly responsible for the development, engineering, construction, operation and management of a portfolio totaling 41 fossil and renewable power facilities with a combined generating capability of over 10,000 MW.