HOUSTON, Jan. 27, 2014 /PRNewswire/ — Richland-Stryker Investment LLC (RSI) announced today that it has consummated the sale of its wholly owned subsidiary, Richland-Stryker Generation LLC (RSG), to a wholly owned subsidiary of Energy Capital Partners (ECP). Included in the sale of RSG were two gas/oil fired peaking power generation facilities totaling 464 MW: The 444 MW Richland Generation Station located in Defiance, Ohio and the 20 MW Stryker Generation Station located in Stryker, Ohio. Terms of the transaction were not disclosed.
RSI has owned the two generating stations since 2011, when it acquired the operating facilities from FirstEnergy Corporation. RSI’s acquisition of the two peaking stations was led by Quintana Infrastructure & Development LLC (QID). QID also maintained principal responsibility for the ongoing management of the business of RSG and the daily operations of the facilities.
RSI is owned by affiliates of QID, Starwood Energy Group Global LLC, BlackRock, Inc., Frist Capital LLC, Gordy Gas Corporation and Post Oak Energy Capital, L.P.
The Richland and Stryker generating stations are highly reliable resources located in a congested electric transmission corridor of northwest Ohio. These facilities provide reliable capacity and key grid support services to the ATSI region of PJM.
Jones Day was engaged as legal counsel representing RSI on both the acquisition and subsequent divestiture of the two generating stations. JP Morgan acted as RSI’s exclusive financial advisor on the transaction.
ECP is a private equity firm with offices in Short Hills, NJ and San Diego, CA. ECP has over $11 billion of capital commitments under management, and is focused on investing in the power generation, electric transmission, midstream oil and gas, renewable energy, oil field services and environmental services sectors of North America’s energy infrastructure. The fund’s management has substantial experience leading successful energy companies and energy infrastructure investments.