Starwood Energy Group Global LLC, a Greenwich-based private investment firm focused on energy infrastructure, has announced its acquisition of a portfolio from Calpine Corp., a Houston-based electricity generator, consisting of two power plants. The financial terms of the transaction were not disclosed.
The acquired portfolio includes Garrison Energy Center, a 325MW combined cycle plant built in 2015 and located in Dover, Delaware, and RockGen Energy Center, a 503MW dual-fuel plant built in 2001 and based southeast of Madison, Wisconsin. According to Starwood, the portfolio is fully contracted with various counterparties with a weighted average life of nearly five years.
“This unique transaction is the culmination of a significant amount of work with the Calpine team to craft a deal that would achieve multiple objectives,” said Himanshu Saxena, CEO of Starwood Energy. “For Starwood, the portfolio represents a combination of scale and risk-mitigation and is an excellent complement to our existing generation investments.”