Strategic Value Partners Expands Energy Portfolio with Birdsboro Power Acquisition

In a significant move in the energy sector, Strategic Value Partners, LLC (SVP), a leading global alternative investment firm, announced its acquisition of a stake in the Birdsboro Power facility. This facility, a natural gas-fired combined-cycle generation operation located in Berks County, Pennsylvania, boasts a capacity of 485 megawatts and commenced commercial operations in 2019.

SVP's managed funds, handling approximately $22 billion in assets, completed this acquisition as part of a strategic partnership established with EverGen Power, a firm specializing in power generation investments and asset management. This partnership aims to acquire and manage power assets across North America, thereby expanding SVP's already impressive energy portfolio.

The Birdsboro facility utilizes GE's state-of-the-art 7HA.02 gas turbine, which allows it to provide reliable and cost-effective energy. It also plays a crucial role as a baseload asset in serving customers throughout Pennsylvania and the broader PJM Interconnection region, which is known for its robust electricity market.

Ari Barz, Co-CEO of EverGen, expressed enthusiasm about the partnership, highlighting Birdsboro Power's environmental advantages and its technological efficiency as critical assets during a time of predicted increase in power demand. His counterpart, Dave Freysinger, also Co-CEO at EverGen, shared the optimism about optimizing the plant's operational and commercial effectiveness to continue meeting the energy needs of the region reliably.

David Geenberg, SVP's Head of North American Corporate Investments, affirmed the speed and certainty of the deal, crediting EverGen’s industry experience, which has been integral to the diligence and negotiation phases. The collaboration mirrors SVP's previous successful partnerships, including their involvement in GenOn, another prominent power generation company.

SVP has established a strong presence in the energy sector, having invested around $3 billion in power assets since 2001. The firm currently holds a majority ownership position in GenOn Holdings, which underscores SVP's commitment to expanding its footprint in energy investments. EverGen's leadership team also brings over 75 years of substantial experience in this sector, promising a fruitful collaboration between the firms.

The strategic acquisition of Birdsboro Power is set to not only enhance SVP's portfolio but also contribute to the overarching goals of sustainable energy provision and operational advancement within the power sector. SVP, known for its focus on special situations and opportunistic credit, seeks to leverage its financial and operational acumen to unlock the potential within its acquired assets.

As the energy landscape evolves, SVP’s proactive approach to investing in efficient and environmentally-friendly energy solutions positions it as a formidable player in the industry, ready to meet the challenges of increasing demand while committing to operational excellence and environmental stewardship.

For further information about SVP and its investments, you can visit their official website: SVP Global.