Power and Infrastructure

Overview

Harbert has been successfully investing in power and infrastructure for over 30 years, and for over 20 years has invested through its fund strategies. We invest in assets that can provide investors attractive risk-adjusted returns, reliable current income, opportunity for capital gains, and inflation protection.

Two keys to Harbert’s success have been its disciplined investment focus and its experienced, stable investment team. Harbert’s investment team members bring a broad range of valuable experience to the team as developers, builders, owner-operators, and managers – and not just as financial investors. The team’s strong and diverse backgrounds are important in enabling Harbert to be an active asset manager – a manager who can identify and implement material, value-add initiatives at portfolio assets during an investment’s hold period. Hands-on, value-add efforts across the portfolio can mean the difference between market returns and creating additional value for investors.

Investment Team

Patrick E. Molony
President & CEO

Pat Molony

Mr. Molony is President & CEO of Harbert Power, LLC, a position he assumed in January 2014. As President & CEO, Mr. Molony has overall responsibility for all Harbert Power activities including portfolio asset development, acquisition, and management. Earlier, Mr. Molony served in a variety of project management and development capacities for Harbert Corporation and Harbert Construction Company. He has been involved in all of Harbert Corporation’s power assets, and previously served as co-head of all of HMC’s power funds. Prior to joining Harbert, he held management positions with Brown and Root, Inc. Mr. Molony has a Bachelor of Science degree in Economics from Auburn University.

G. Tatum Lassiter
Managing Director, Investments

Tatum Lassiter

Mr. Lassiter is a Managing Director 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
Managing Director, Investments

Russell Martin

Mr. Martin is a Managing Director 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.

Douglas L. McCrary
Director, Investments

Mr. McCrary is a Director for Harbert Power, LLC. Before joining HMC in 2014, he served as a Vice President in the investment banking group at Goldman Sachs, where he focused on M&A and financing transactions in the energy, power and utility sectors.  He has a Bachelor of Science degree in Economics and Engineering Science from Vanderbilt University and a Master of Business Administration degree from Columbia University.

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Claude H. Estes
Associate, Investments

Mr. Estes is an Associate for Harbert Power, LLC. Prior to joining HMC in 2015, he served as an Analyst in the investment banking division at Sterne, Agee & Leach, where he focused on M&A and financing transactions in the energy, transportation and industrials sectors. He has a Bachelor of Science in Accounting from Birmingham-Southern College.

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Matthew D. Clendenen
Analyst, Investments

Bio coming soon.

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Jeffrey W. Moore
Managing Director, Asset Management

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.

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J. Clayton Hamblen, III
Vice President & Director, Asset Management

Clay Hamblen

Mr. Hamblen is a Vice President & Director 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.

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A. Howell McBrayer
Director of Plant Services, Asset Management

Howell McBrayer

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.

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Wayne B. Nelson, III
Vice Chairman & Senior Advisor, Asset Management

Wayne Nelson

Mr. Nelson is Vice Chairman of Harbert Power, LLC. Previously, Mr. Nelson served as President & CEO of Harbert Power. As Vice Chairman, Mr. Nelson is an adviser to the power group, and focuses on investor relations and special projects. Earlier, Mr. Nelson was responsible for the development and management of Harbert Corporation’s independent power projects.  His education includes a Bachelor of Science degree in Civil Engineering from Auburn University and a Master of Business Administration degree from the University of Virginia Darden School of Business.

Duane H. Nelsen
Senior Adviser, Asset Management

Mr. Nelsen has forty years of experience in the engineering, start-up, operations, and management of a wide range of power plant fuels and technologies, including natural gas, petroleum coke, residual fuel oil, geothermal, biomass, coal, and nuclear.   Mr. Nelsen previously served as President and Chief Executive Officer of Harbert affiliates GWF Power Systems and GWF Energy. He was responsible for a 655 MW power portfolio based in northern California.  Mr. Nelsen holds a Bachelor of Science degree in Mechanical Engineering from Iowa State University and an MBA from San Diego State University.

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Kenneth W. Kilgroe
Senior Vice President & CFO/Controller, Accounting and Tax

Ken Kilgroe

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.

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Crystal L. Burnett
Director of Power Tax & Special Projects, Accounting and Tax

Crystal Burnett

Ms. Burnett is the Director of Power Tax & Special Projects 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.

Lee H. Thompson, III
Manager of Accounting & Financial Operations, Accounting and Tax

Mr. Thompson is the Manager for Accounting and Financial Operations for Harbert Power. Prior to joining HMC in 2016, he worked for PricewaterhouseCoopers as a Senior Audit Associate. Mr. Thompson holds a Bachelor and Master of Accountancy from the University of Mississippi and is a Certified Public Accountant.

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Elizabeth E. Shields
Financial Manager, Accounting and Tax

Ms. Shields is Financial Manager for Harbert Power, LLC. Ms. Shields has been employed by Harbert Power since 1994. Her responsibilities include preparing monthly financials for Harbert Power and HMC power funds.   Prior employment includes accounting assistant with Harbert Corporation, audit assistant with Powell & Company, CPA, and bookkeeper with Paul B. Krebs & Associates, Inc. Ms. Shields is a graduate of Auburn University.

Katie L. Mitchell
Manager of Power Tax Compliance, Accounting and Tax

Ms. Mitchell is the Manager of Power Tax Compliance for Harbert Power, LLC. Prior to joining HMC in 2007, she worked for Warren Averett Kimbrough & Marino, LLC where she served as a Senior Tax Accountant. Katie joined Harbert Power in 2014.  She holds Bachelor of Business Administration degrees in Accounting and Management Information Systems from the University of Montevallo.

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Ellen L. Knowles
Power Fund Accountant, Accounting and Tax

Bio coming soon.

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Investment Criteria

We invest in power and other infrastructure assets with proven technologies, throughout North America. Assets may have contracts to sell their output or they may be well-positioned assets representing value in a good market area. We acquire interests in existing assets, and we seek out new project development opportunities where a project’s economics can support new build cost. A single asset equity investment for our funds will typically be $50-150 million, representing an asset total value of approximately $100-$500 million including project-level debt. Larger investment opportunities will also be considered, and can be executed by utilizing co-investment from our investor partners or through Gulf Pacific Power, our separate account fund with CalPERS which is established to target larger, contracted assets.

ESG Policy

Harbert Power recognizes the importance of identifying and managing Environmental, Social, and Governance (“ESG”) issues throughout our investment process. We believe positive ESG practices can be important in reducing risk and enhancing value of investments. Environmental performance and compliance, worker safety and welfare, community involvement, and having our investors well represented in the governance of each investment have long been and will continue to be critical factors in the management of and the success of Harbert’s investments.

Harbert Power’s policy is to review the ESG factors for each potential investment and to consider the potential impact of ESG factors when making investment decisions.  For each investment made, Harbert Power will regularly monitor and report on ESG factors, and where appropriate, we will work to mitigate risks imposed by ESG factors.

GRESB, an investor-driven organization committed to assessing the ESG performance of real assets globally, conducted its first annual infrastructure assessment program for year 2015. The annual assessment provides for objective scoring and peer benchmarking of ESG performance of infrastructure companies and funds. Harbert Power participated in the inaugural GRESB annual assessment and is continuing its support and participation in GRESB’s program.

Portfolio

Current Portfolio

Gulf Pacific Power, LLC

ROCKY CANEY
Two wind farms in Kansas and Oklahoma totaling 349MW
DESERT SUNLIGHT
Riverside County, California 550 MW solar photovoltaic plants
NORTHERN STAR GENERATION
Seven assets in Florida, Nevada and Pennsylvania 1,251 MW portfolio
ASTORIA ENERGY II
Queens, New York 575 MW gas-fired combined cycle plant

Harbert Power Fund V, LLC

WESTERN GENERATION PARTNERS
Thirteen assets in California, New Mexico, Texas, Connecticut and Trinidad 1,521 MW gas-fired power portfolio
CALHOUN POWER COMPANY
Eastaboga, AL 668 MW dual-fuel simple cycle plant
NORTHERN STAR GENERATION
Seven assets in Florida, Nevada and Pennsylvania 1,251 MW portfolio
ASTORIA ENERGY
Queens, New York 550 MW gas-fired combined cycle
KALAELOA
Oahu, Hawaii 209 MW oil-fired combined cycle plant

Harbert Power Fund IV, LLC

GWF ENERGY – SOLD
Hanford, Henrietta and Tracy, California 525 MW gas-fired combined and simple cycle plants

Harbert Power Fund III, LLC

LONGVIEW POWER – SOLD
Maidsville, West Virginia 695 MW coal-fired plant
SIDNEY A. MURRAY
Vidalia, Louisiana 192 MW run-of-river hydroelectric plant
GWF ENERGY – 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 1,125 MW gas-fired combined cycle plants
DIXIE PELLETS – EXITED
Selma, Alabama 520,000 tons per year wood pellet plant

Harbinger Independent Power Fund II, LLC

GWF ENERGY – 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 – SOLD
Oahu, Hawaii 209 MW oil-fired combined cycle plant
LOCKPORT – SOLD
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, AL 35203

Contact:
Doug McCrary
Director of Investments
dmccrary@harbert.net
205.987.5553