Lotus Completes Acquisition of West Lorain Plant from FirstEnergy SolutionsMarch 29, 2019 in Press Releases
GREENWICH, Conn., March 29, 2019 — Starwood Energy Group Global, LLC, a leading private investment firm focused on energy infrastructure, has completed the acquisition of the 545MW West Lorain power plant from affiliates of FirstEnergy Solutions (“FES”). West Lorain is a simple cycle peaking unit located just west of Cleveland in the constrained ATSI load zone of PJM.
After emerging as the stalking horse bidder in a Lazard-led 363 bankruptcy process, Starwood was approved as the winning bidder on January 25, 2019.
Starwood is acquiring West Lorain through its wholly-owned affiliate, Edgewater Generation, LLC (“Edgewater”), bringing Edgewater’s total generation capacity to 2,253MW. In order to finance the transaction, Starwood completed a $100 million add-on to the existing Edgewater term loan.
About Starwood Energy Group Global, LLC
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds and other affiliated investment vehicles, Starwood Energy Group has raised equity commitments of approximately $3 billion and has executed transactions totaling more than $7 billion in enterprise value. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at swenergy.ua.verbinteractive.com.