Ardian Infrastructure Acquires Stake in Hill Top Energy Center

Source Press Release
Company ArdianAres Management Corporation 
Tags Asset Deals, Deals, Renewable Energy, Power
Date July 08, 2019

Ardian Infrastructure joins funds managed by  Ares Management Corporation and Menora Mivtachim Insurance in financing620 MW natural gas-fired power plant project

Ardian, a world-leading private investment house, today announces they have agreed to purchase41.9% of the Hill Top Energy Center in Green County, PA from funds managed by the Infrastructure and Power Strategy of Ares Management Corporation (NYSE: ARES). Menora Mivtachim Insurance is the third partner in the deal.  

When construction is complete in mid-2021, the 620-megawatt natural gas-fired Hill Top Energy Center (“Hill Top”), will sell capacity and energy to the Pennsylvania-Jersey-Maryland (PJM) regional transmission organization, the largest competitive power market in the United States. PJM serves all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and the District of Columbia.

“We are excited to make an investment in this state of the art project,“ said Ardian Infrastructure US co-head Mark Voccola about the combined-cycle plant project. “We are thrilled to be working with an experienced management team alongside experienced investors, Ares and Menora Mivtachim Insurance, on this transaction, which will bring efficient, low-cost, natural-gas fired power to a vital energy market.”

“We are pleased to have Ardian join the Hill Top partnership, which represents the latest example of Ares’ value-added approach to clean, efficient energy infrastructure development,” said Andrew Schroeder, Partner within the Infrastructure and Power Strategy of Ares Management.

Kiewit Power Constructors will serve as the engineering, construction and procurement contractor on the project. Gas turbines, steam turbines and heat recovery generators will be provided by GE Power. Hill Top Energy Center is expected to come online for electricity production in 2021.

“The Hill Top investment continues our approach of identifying and investing in essential U.S. infrastructure assets that serve both our investors and the community at large,” continued Mr. Voccola. "This state-of-the-art plant will replace aging, inefficient energy generation, and will provide long-term, cleaner-burning, low-cost energy.”

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd