Private equity firm Starwood Energy Group Global, an affiliate of Greenwich, Connecticut-based Starwood Capital Group, has closed its Starwood Energy Infrastructure Fund with $433 million (€277 million) in equity commitments.
“We are very pleased with the response from the investor community for the Fund,” Barry Sternlicht, chairman and chief executive of Starwood Capital said in a statement, adding that the formation of Starwood Energy Infrastructure Fund was the result of a “focused business strategy” it had been pursuing for several years in the North American power generation and transmission sector. Investors included endowments, foundations, pension plans, banks, insurance companies and high-net-worth individuals.
The vehicle, which will acquire and fund development of energy infrastructure assets, has already committed more than $250 million to projects with costs of more than $1 billion. The firm is also targeting value-add greenfield and brownfield development opportunities comprising “build to suit” assets for “long term credit counterparty tenants.”
The fund’s existing portfolio of energy assets include Midway, a 120 MW simple-cycle natural gas peaking plant located 60 miles west of Fresno, California currently under development; Thermo Ft. Lupton Facility, a 272 MW combined cycle natural gas power plant and associated greenhouse steam-host 25 miles northeast of Denver, Colorado; a minority interest in the Mead-Phoenix project, a 1,296 MW, 500 kV AC transmission line extending 202 miles from southern Nevada to southern California and the Mead-Adelanto project, a 1,300 MW, 500 kV AC transmission line that extends 256 miles from southern Arizona to central Arizona; Hudson, a 660 MW transmission line under development between Ridgefield, New Jersey and midtown Manhattan; and Green Line, a 660 MW undersea transmission line under development between Maine and Boston.
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