Starwood Energy to acquire gas-fired power plants in California

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Starwood Energy to acquire gas-fired power plants in California

Starwood Energy Group Global LLC, a private investment firm focused on energy infrastructure, has recently announced that an investment affiliate has entered into an agreement with affiliates of Mitsubishi UFJ Financial Group (MUFG) to acquire Greenleaf 1 & 2, which are two 49.5 MW gas-fired power plants located in the a city of Yuba in Northern California, USA.

The transaction is subject to customary conditions and regulatory approvals, and is expected to close in the second quarter of 2016. Financial terms of the transaction were not disclosed.

Both facilities, which MUFG acquired from Calpine Corp. in 2015, sell their capacity and energy under power purchase agreements with Pacific Gas & Electric Co. Greenleaf 2 also provides steam to Sunsweet Growers, Inc. under a steam offtake agreement.

Starwood Energy is already operating in California, among other projects, the company was selected in July 2015 in a joint venture with Abengoa as the approved sponsor to finance, construct, own, operate and maintain the Delaney to Colorado River 500 kV transmission line project.

Starwood Energy Group manages total equity commitments in excess of US$2 billion and has executed transactions totaling more than US$4 billion in enterprise value.

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