The Silverfern Group, a leader in non-traditional global direct investment, today announced that it has completed the acquisition of Broad River Power Holdings, an 878MW dual-fuel, simple-cycle gas turbine electric power plant strategically located 40 miles from Charlotte, North Carolina, in partnership with Arroyo Energy Investment Partners.
“We are excited to partner with Arroyo in the acquisition of an important gas-fired peaking plant in the SERC-East electricity market, at a time when coal-fired generation is being retired and the lower environmental impact of gas-fired electricity generation is being increasingly valued by utilities and customers alike,” said Silverfern Managing Director Brooks Klimley. “Broad River is a modern, efficient facility, and we expect it to play an increasingly central role in the provision of clean, reliable electricity to consumers in North and South Carolina.”
Silverfern Co-Managing Partner Clive Holmes added, “Our investment in partnership with Arroyo further demonstrates that by partnering with lead investors with deep industry and local knowledge, we can understand and uncover value where other investors may not be able to. Arroyo’s experience, strong local industry relationships and solid commercial strategy for the operation of Broad River were key factors in our decision to invest. We look forward to a fruitful partnership, not only with Arroyo, but with Broad River’s management and customers as well.”
The acquisition of Broad River represents Silverfern’s fourth platform investment and seventh global investment so far in 2016.
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