Carlyle Group to buy Cogentrix Energy from Goldman Sachs
08 Sep 2012
The Carlyle Group, the world's second-largest private equity firm, has agreed to acquire US power plant developer Cogentrix Energy LLC from Goldman Sachs Group Inc for an undisclosed sum, increasing its presence in the energy sector.
The purchase includes five conventional and renewable power plants in Florida, Virginia, Colorado and California, and a development pipeline with over 550 megawatts (MW) of operational capacity.
Charlotte, North Carolina-based Cogentrix is a leading developer and operator of power plants in North America. Cogentrix has the expertise and over three decades of experience in developing and acquiring over 7,000 MW of power generation.
Goldman Sachs acquired the company in 2003 for around $115 million, assuming $2.3 billion in debt. Since then, it has sold many of the power plants and has transformed the company into more of a developer of power plants.
Through the acquisition of Sunray Energy, a player in the solar energy field, in 2009, Cogentrix became one of the few owners of commercial scale solar thermal plants in the US.
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