Ares Management LP says it has closed on the acquisition of a 50% stake in Linden Cogen Holdings LLC, the owner of a 943 MW natural gas-fired combined-cycle cogeneration project located in Linden, New Jersey, USA.
Located approximately 30 km from New York City, Linden Cogen (pictured) features six gas-fired turbines and three steam turbines. In addition to being connected to the PJM power market, Linden Cogen supplies power to New York City and is also a long-term steam and electricity supplier to New Jersey’s Bayway Refinery, the largest oil refinery on the East Coast.
‘This acquisition marks the addition of a flagship asset to the Ares EIF portfolio and represents an opportunity to gain further exposure to one of the most attractive power markets in the US. In addition to significant locational advantages, Linden Cogen has a strong steam host, and an excellent operating track record,’ said Mark Voccola, a Partner of the Ares-EIF Group.
Financial terms of the acquisition, from a subsidiary of GE Energy Financial Services, were not disclosed.