Generation Bridge, a wholly owned subsidiary of ArcLight Energy Partners Fund VII, L.P., has purchased a 4.9 GW power generating portfolio from NRG Energy.
Generation Bridge operates eight power generation facilities providing critical capacity, energy and ancillary services resources to markets in California, New England and New York. The acquisition was financed through $540 million of senior secured credit facilities in the institutional term loan market.
“Generation Bridge complements the ongoing energy transition by providing dispatchable generation and will serve as a platform for the development of additional renewable energy resources,” added Dan Revers, managing partner and founder of ArcLight. “ArcLight remains highly focused on investments supporting the ongoing energy transition, including through its substantial experience in renewable energy, battery storage, and its recently announced 73 MW solar acquisition within our Infinigen renewables platform.”
Milbank LLP served as primary legal counsel to ArcLight. Credit Suisse served as exclusive financial advisor.