HMC Affiliates Gulf Pacific Power, LLC and Harbert Power Fund V, LLC to Acquire 50% Interest in Northern Star Generation
Birmingham, Alabama, April 25, 2014 – Harbert Management Corporation (“HMC”) is pleased to announce that two of its affiliate investment funds, Gulf Pacific Power, LLC (“GPP”) and Harbert Power Fund V, LLC (“HPF V”), have entered into a definitive agreement with Ontario Teachers’ Pension Plan Board to acquire a 50% ownership interest in Northern Star Generation LLC (“NSG”). The acquisition is being made through GulfSun Power Holdings, LLC, a special purpose acquisition vehicle formed by GPP and HPF V. Based in Houston, Texas, NSG owns or has beneficial equity interest in eight electric generation facilities with a combined net capacity of approximately 1,235MW. The eight facilities are located in Florida, Nevada, Pennsylvania, and California.
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