Independent Power
Overview
We invest in power generation assets which have contracts to sell their output, a strategy which mitigates both power market and fuel cost risk. Our goal is to provide investors with strong, predictable equity returns with a current cash component– and with little correlation to overall economic cycles. Our investment approach is more of an income fund strategy than a typical private equity buyout strategy. We will acquire interests in existing assets, and we will also invest in new development projects if long-term power sales contracts are in place. We believe that investment in independent power assets with contracts to sell their output can be a compelling investment, providing investors strong absolute returns, and on a risk-reward basis, superior returns.
Harbert has been successfully investing in power assets for over 25 years, and since 1996 has been investing in power assets through its power fund strategy. The first four Harbert power funds have invested over $500 million of equity in assets valued over $1.5 billion.
Two keys to Harbert’s success in power have been its focus on contracted assets and its experienced, stable investment team. Harbert’s power investment team consists of power asset developers, builders, owner-operators, and investment managers – not just financial investors. Team members have extensive power fund experience, and bring valuable previous experience to the team from electric utilities, natural gas companies, power industry equipment providers, engineering and construction firms, and nuclear navy operations.
Investment Team
Wayne B. Nelson, III
President & CEO, Harbert Power, LLC

Mr. Nelson is the President & CEO of Harbert Power, LLC. Mr. Nelson has served as President of Harbert Power since January 1994. He has overall responsibility for all of Harbert Power activities, including development, operations, and management of Harbert Corporation’s power assets and is co-head of HMC’s Power Funds. Prior to his appointment as President, he served as a Vice President of Harbert Corporation where he was directly responsible for the development and management of Harbert Corporation’s independent power projects. Earlier, Mr. Nelson served in Harbert Corporation’s construction company as Group Manager- Industrial, Project Manager-Overseas, Project Coordinator and Field Engineer. His education includes a Bachelor of Science degree in Civil Engineering from Auburn University and a Master of Business Administration degree from the Darden School of the University of Virginia.
Patrick E. Molony
Executive Vice President & COO, Harbert Power, LLC

Mr. Molony is Executive Vice President & COO of Harbert Power, LLC. Mr. Molony has been employed by Harbert Power since 1994. As Executive Vice President of Harbert Power, Mr. Molony is co-head of power fund activities, including portfolio asset development, acquisition and management. Earlier, he served in a variety of project management and development capacities for Harbert Corporation and Harbert Construction Company and has been involved in all of Harbert Corporation’s power assets as well as those of HMC’s power funds. Prior to joining HMC, he held management positions with Brown and Root, Inc. Mr. Molony has a Bachelor of Science degree in Economics from Auburn University.
Kenneth W. Kilgroe
Senior Vice President & Controller, Harbert Power, LLC

Mr. Kilgroe is the Senior Vice President & Controller of Harbert Power, LLC. Mr. Kilgroe has been employed by Harbert Power since 1994 and previously served a subsidiary of Harbert Corporation’s power company in a similar position for seven years prior. Mr. Kilgroe’s responsibilities for Harbert Power include oversight of all accounting, treasury, and administrative functions related to Harbert Power and HMC’s power funds. He was previously employed in a management position with the U.S. operations of Blue Circle Industries, PLC and as an audit manager with Ernst and Young. Mr. Kilgroe holds a Bachelor of Science degree in Accounting from the University of Alabama and is a Certified Public Accountant.
Jeffrey W. Moore
Managing Director, Harbert Power, LLC

Mr. Moore is a Managing Director for Harbert Power, LLC. Before joining Harbert Power, Mr. Moore was Vice President, Fossil Operations for PSEG Power, an affiliate of the Public Service Enterprise Group. Mr. Moore has 25 years of experience in all aspects of independent power and cogeneration plants. At PSEG Power, Mr. Moore managed the day to day operations of the PSEG Power fossil and hydroelectric generation units amounting to over 10,000 MW of capacity. Prior to PSEG, Mr. Moore worked in a number of positions for Asea Brown Boveri including General Manager, Kalaeloa Cogeneration Plant and Director, Business Development. Mr. Moore has a Bachelor of Science degree in Chemical Engineering from Worcester Polytechnic Institute, a Master of Science degree in Chemical Engineering from UConn and a Master of Business Administration degree from Rensselaer Polytechnic Institute.
A. Howell McBrayer
Director, Plant Services, Harbert Power, LLC

Mr. McBrayer is the Director of Plant Services of Harbert Power, LLC. Mr. McBrayer joined HMC in 1994 and is responsible for managing start-up and operations activities for both Harbert Corporation’s power assets and HMC’s power funds. Prior to 1994, Mr. McBrayer was employed by a Harbert Corporation subsidiary. Mr. McBrayer was directly responsible for the start-up of the Bay Area, Hanford, Tracy, CAES and University of Colorado projects as well as Harbinger Independent Power Fund II’s Freeport and Pinelawn assets. Prior to employment with the Harbert Corporation subsidiary, Mr. McBrayer held start-up and engineering positions with Combustion Engineering O&M Services, Lummus Crest, Inc. and Chemical Construction Corporation. Mr. McBrayer holds a Bachelor of Science degree in Chemistry from the University of Alabama.
G. Tatum Lassiter
Vice President & Director of Investments, Harbert Power, LLC

Mr. Lassiter is a Vice President & Director of Investments for Harbert Power, LLC. Mr. Lassiter is involved with development, acquisition and asset management for HMC’s power funds. Before joining HMC, he held positions with Edison Mission Energy and Southern Natural Gas (“SONAT”). He has a Bachelor of Science degree in Environmental Science and a Master of Business Administration degree from the University of Alabama.
J. Russell Martin
Vice President & Director of Investments, Harbert Power, LLC

Mr. Martin is a Vice President & Director of Investments for Harbert Power, LLC. Mr. Martin is involved with development, acquisition, and asset management for HMC’s power funds. Before joining HMC, he served as a commissioned officer in the U.S. Navy. He holds an A.B. in Engineering Sciences from Dartmouth College and a Master of Business Administration degree from the University of North Carolina at Chapel Hill.
J. Clayton Hamblen, III
Director of Investments, Harbert Power, LLC

Mr. Hamblen is a Director of Investments for Harbert Power, LLC. Before joining HMC in 2007, he worked as a gas and steam turbine field engineer in power plant applications for GE Energy. He has a Bachelor of Science degree in Mechanical Engineering from Auburn University and a Master of Business Administration degree from the Darden School of Business at the University of Virginia.
Crystal L. Burnett
Senior Tax Accountant

Crystal L. Burnett is Senior Tax Accountant for Harbert Power. Prior to joining HMC in 2012, she worked for Warren Averett Kimbrough & Marino, LLC and EBSCO Industries, Inc. where she served as a Senior Tax Accountant. She holds a Bachelor of Science degree in Accounting and a Master of Tax Accounting degree from the University of Alabama. She is also a Certified Public Accountant.
Investment Criteria
We will invest in contracted power assets with proven technologies throughout the United States and in Canada. We will acquire interests in existing assets, and we will also seek out new project development opportunities where the entire output of the new facility is contracted. We are economic investors focused on cash returns, which means that conventional power assets utilizing fossil fuels or possibly hydropower will comprise most all of our portfolios. Renewable strategies typically rely on tax incentives for some portion of their investment returns.
Any single power asset equity investment will typically be from $20-60 million, representing an asset interest value of approximately $100-$200 million including project level debt. Investment hold periods are expected to be longer than a typical private equity buyout strategy, with an average hold period of 6-7 years per asset.
Portfolio
Harbert Power Fund IV, LLC
GWF ENERGY (49.9% INTEREST) - SOLD
Hanford, Henrietta and Tracy, California
525 MW gas-fired combined and simple cycle plants
Harbert Power Fund III, LLC
LONGVIEW POWER – (1ST LIEN SECURITIES) – SOLD
Maidsville, West Virginia
695 MW coal-fired plant
SIDNEY A. MURRY (LESSOR INTEREST)
Vidalia, Louisiana
192 MW run-of-river hydroelectric plant
GWF ENERGY (10.1% INTEREST) – SOLD
Hanford, Henrietta and Tracy, California
525 MW gas-fired combined and simple cycle plants
YORK ENERGY CENTRE
King, Ontario (Canada)
400 MW gas-fired peaker plant
ASTORIA ENERGY I AND II
Queens, New York
1100 MW gas-fired combined cycle plants
DIXIE PELLETS (EXITED VIA CHAPTER 11 BANKRUPTCY)
Selma, Alabama 520,000 tons per year wood pellet plant
Harbinger Independent Power Fund II, LLC
GWF ENERGY (40% INTEREST) – SOLD
Hanford, Henrietta and Tracy, California
525 MW gas-fired combined and simple cycle plants
FLUVANNA – SOLD
Fluvanna County, Virginia
885 MW gas-fired combined cycle plant
FREEPORT – SOLD
Freeport, New York
47 MW dual-fuel simple cycle peaking plant
PINELAWN – SOLD
Babylon, New York
80 MW dual-fuel combined cycle plant
Harbinger Independent Power Fund I, LLC
KALAELOA
Oahu, Hawaii
209 MW oil-fired combined cycle plant
LOCKPORT
Lockport, New York
200 MW gas-fired combined cycle plant
PARIS – SOLD
Paris, Texas
225 MW gas-fired combined cycle plant
SODA LAKE – SOLD
Fallon, Nevada
14 MW geothermal plant
LYONSDALE – SOLD
Lyonsdale, New York
19 MW wood-fired plant
Harbert Cogen, Inc. Portfolio (Managed Assets)
BRIDGEWATER – SOLD
Bridgewater, New Hampshire
17 MW wood-fired plant
TRACY – SOLD
Tracy, California
20 MW wood-waste plant
GWF POWER SYSTEMS, I-V AND HANFORD – RETIRED
117 MW (combined) petroleum coke-fired plants
Contact
HARBERT POWER, LLC
2100 Third Avenue North, Suite 600
Birmingham, Alabama 35203
Contact:
Clay Hamblen
Director of Investments
chamblen@harbert.net
205-987-5547
NEW YORK OFFICE
139 Odyssey Drive
Chester, New York 10918
Phone: 845-469-5343
