Infrastructure

Overview

Harbert companies have been successfully investing in infrastructure for over 30 years, and for over 20 years through HMC’s fund strategies. Harbert Infrastructure invests in assets that can provide investors attractive risk-adjusted returns, reliable current income, opportunity for capital gains, and inflation protection.

Two keys to our success have been a disciplined investment focus and an experienced, stable investment team. Harbert Infrastructure 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 HMC 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 Senior Managing Director & President of the Harbert Infrastructure team, a position he assumed in January 2014. As President, Mr. Molony has overall responsibility for all Harbert Infrastructure 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 infrastructure 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 is involved with development, acquisition and asset management for HMC’s infrastructure 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 involved with development, acquisition, and asset management for HMC’s infrastructure 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 the Harbert Infrastructure team. 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 the Harbert Infrastructure team. 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

Mr. Clendenen is an Analyst for the Harbert Infrastructure team. He joined HMC in 2018 after receiving a Bachelor of Arts in Economics from Sewanee: The University of the South.

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Jeffrey W. Moore
Managing Director, Asset Management

Mr. Moore is a Managing Director for the Harbert Infrastructure team. Before joining HMC, 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 the Harbert Infrastructure team. 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 for the Harbert Infrastructure team. Mr. McBrayer joined HMC in 1994 and has been responsible for managing start-up and operations activities for both Harbert Corporation’s power assets and HMC’s infrastructure funds. Previously, 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 for the Harbert Infrastructure team. As Vice Chairman, Mr. Nelson is an adviser to the infrastructure 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 Advisor, Asset Management

Mr. Nelsen is a Senior Advisor to the Harbert Infrastructure team. He 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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Kirk T. Stafford
Analyst, Asset Management

Mr. Stafford is an Analyst for the Harbert Infrastructure team. Before joining HMC in 2019, he served as Lead Financial Analyst at Cigna, where he primarily focused on financial planning and analysis. Prior to Cigna, Mr. Stafford held a position as Director of Sales at Interconn Resources, LLC, marketing natural gas across the Southeastern United States. He also served 8 years within the U.S. Joint Special Operations Command as a member of the 75th Ranger Regiment. Mr. Stafford has a Bachelor of Science degree in Finance from Samford 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 for the Harbert Infrastructure team. Mr. Kilgroe has been employed by HMC 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 the Harbert Infrastructure team 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 Infrastructure Tax & Special Projects, Accounting and Tax

Crystal Burnett

Ms. Burnett is the Director of Infrastructure Tax & Special Projects for the Harbert Infrastructure team. 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 the Harbert Infrastructure team. 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 the Harbert Infrastructure team. Ms. Shields has been employed by HMC since 1994. Her responsibilities include preparing monthly financials for the Harbert Infrastructure team 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 Infrastructure Tax Compliance, Accounting and Tax

Ms. Mitchell is the Manager of Infrastructure Tax Compliance for the Harbert Infrastructure team. She previously worked for Warren Averett Kimbrough & Marino, LLC where she served as a Senior Tax Accountant. From 2007 – 2012, Ms. Mitchell worked for the HMC Corporate Accounting group and began working with the Infrastructure team 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
Infrastructure Fund Accountant, Accounting and Tax

Ms. Knowles is the Infrastructure Fund Accountant for the Harbert Infrastructure team. Prior to joining HMC in 2018, she served as an accountant for Surgical Care Affiliates and HealthSouth with a focus on financial statement preparation and analysis. A Certified Public Accountant, Ms. Knowles holds a Bachelor of Science degree in Accounting from the University of Alabama and a Master of Accountancy from the University of Alabama at Birmingham.

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Investment Criteria

We invest in 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

The Harbert Infrastructure team 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 Infrastructure’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, we will regularly monitor and report on ESG factors, and where appropriate, 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 Infrastructure 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

WASHINGTON COUNTY
627 MW gas-fired, simple cycle plant in Sandersville, Georgia
ROCKY CANEY
349 MW portfolio of two wind farms in Kansas and Oklahoma
DESERT SUNLIGHT
550 MW solar photovoltaic farm in Riverside County, California
NORTHERN STAR GENERATION
1,251 MW portfolio of seven thermal power plants in Florida, Nevada and Pennsylvania
ASTORIA ENERGY II
575 MW gas-fired, combined cycle plant in Queens, New York

Harbert Power Fund V, LLC

WESTERN GENERATION PARTNERS
1,502 MW portfolio of 12 thermal power plants in California, New Mexico, Texas, Connecticut and Trinidad
CALHOUN POWER
672 MW dual-fuel, simple cycle plant in Eastaboga, Alabama
ASTORIA ENERGY
575 MW gas-fired, combined cycle plant in Queens, New York
NORTHERN STAR GENERATION
1,251 MW portfolio of seven thermal power plants in Florida, Nevada and Pennsylvania
KALAELOA
209 MW oil-fired cogeneration plant in Oahu, Hawaii

Harbert Power Fund IV, LLC

GWF ENERGY – SOLD
530 MW portfolio of gas-fired plants in California

Harbert Power Fund III, LLC

YORK ENERGY CENTRE
400 MW gas-fired, simple cycle plant in King, Ontario
ASTORIA ENERGY I & II
1,150 MW gas-fired, combined cycle plants in Queens, New York
SIDNEY A. MURRAY
192 MW run-of-river hydroelectric plant in Vidalia, Louisiana
GWF ENERGY - SOLD
530 MW portfolio of gas-fired plants in California
LONGVIEW POWER - SOLD
695 MW coal-fired plant in Maidsville, West Virginia
DIXIE PELLETS - EXITED
Wood pellet manufacturing facility in Selma, Alabama

Harbinger Independent Power Fund II, LLC

GWF ENERGY – SOLD
530 MW portfolio of gas-fired plants in California
FLUVANNA – SOLD
885 MW gas-fired, combined cycle plant in Fluvanna County, Virginia
FREEPORT – SOLD
47 MW dual-fuel, simple cycle plant in Freeport, New York
PINELAWN – SOLD
80 MW dual-fuel, combined cycle plant in Babylon, New York

Harbinger Independent Power Fund I, LLC

KALAELOA – SOLD
209 MW oil-fired cogeneration plant in Oahu, Hawaii
LOCKPORT – SOLD
200 MW gas-fired, combined cycle plant in Lockport, New York
PARIS – SOLD
225 MW gas-fired, combined cycle plant in Paris, Texas
LYONSDALE – SOLD
19 MW wood-fired plant in Lyonsdale, New York
SODA LAKE - SOLD
14 MW geothermal plant in Fallon, Nevada

Harbert Cogen, Inc. Portfolio (Managed Assets)

BRIDGEWATER – SOLD
17 MW wood-fired plant in Bridgewater, New Hampshire
TRACY – SOLD
20 MW wood-waste plant in Tracy, California
GWF POWER SYSTEMS, I-V AND HANFORD – RETIRED
117 MW portfolio of petroleum coke-fired plants in California
Contact
HARBERT INFRASTRUCTURE

2100 Third Avenue North, Suite 600
Birmingham, AL 35203

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