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NY-based investment firm buys JEP
Wednesday, June 24, 2009
New York-based Conduit Capital Partners LLC, a private equity investment firm focused on infrastructure investment and development in Latin America and the Caribbean, last week announced that it had completed the acquisition 100 per cent interest in Jamaica Energy Partners (JEP) from Basic Energy.
Also included in the deal is the purchase of a 55 per cent share in Pedregal Power Company, and the right to interests in two other development opportunities in the region.
Jamaica Energy Partners operates eleven barge-mounted, diesel-fired generating units. The combined capacity of 125 MW represents roughly 20 per cent of the electricity consumed on the island.
The plant is located in Old Harbour Bay.
As part of the transaction, Conduit has also acquired the right to add 60 MW of generation capacity to JEP, which it expects to begin constructing this year.
Prior to the recent purchase, Conduit's Latin Power I, II, and III funds were all previous investors in JEP, with the Conduit funds reaching 100 per cent ownership of the asset
in 2006.
Conduit sold the asset to Basic Energy in 2007 for US$92.5 million.
The company did not state how much it paid to repurchase the plant.
"The changing market conditions gave us an opportunity to acquire strong operating assets in markets we know well and with first-class management teams," said Juan Paez, partner at Conduit.
"We are very pleased to acquire such a strong combination of assets," said J Scott Swensen, Chairman of Conduit. "The pipeline of power generation assets for purchase in the Caribbean and Central America is exceptionally strong for our firm, and we look to today's purchase as the foundation of an exciting regional power platform."
The Pedregal Power Company thermal generating facility is one of the most efficient generators in the Panamanian system. Located about 21 miles east of Panama City, the plant has an installed capacity of 55 MW.
Wednesday, June 24, 2009
New York-based Conduit Capital Partners LLC, a private equity investment firm focused on infrastructure investment and development in Latin America and the Caribbean, last week announced that it had completed the acquisition 100 per cent interest in Jamaica Energy Partners (JEP) from Basic Energy.
Also included in the deal is the purchase of a 55 per cent share in Pedregal Power Company, and the right to interests in two other development opportunities in the region.
Jamaica Energy Partners operates eleven barge-mounted, diesel-fired generating units. The combined capacity of 125 MW represents roughly 20 per cent of the electricity consumed on the island.
The plant is located in Old Harbour Bay.
As part of the transaction, Conduit has also acquired the right to add 60 MW of generation capacity to JEP, which it expects to begin constructing this year.
Prior to the recent purchase, Conduit's Latin Power I, II, and III funds were all previous investors in JEP, with the Conduit funds reaching 100 per cent ownership of the asset
in 2006.
Conduit sold the asset to Basic Energy in 2007 for US$92.5 million.
The company did not state how much it paid to repurchase the plant.
"The changing market conditions gave us an opportunity to acquire strong operating assets in markets we know well and with first-class management teams," said Juan Paez, partner at Conduit.
"We are very pleased to acquire such a strong combination of assets," said J Scott Swensen, Chairman of Conduit. "The pipeline of power generation assets for purchase in the Caribbean and Central America is exceptionally strong for our firm, and we look to today's purchase as the foundation of an exciting regional power platform."
The Pedregal Power Company thermal generating facility is one of the most efficient generators in the Panamanian system. Located about 21 miles east of Panama City, the plant has an installed capacity of 55 MW.
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