The Carlyle Group (NASDAQ: CG) will purchase the Rhode Island State Energy Center (RISEC) from Entergy Corp. (NYSE: ETR) for $490 million, continuing the PE fund’s recent string of mid-market deals. The firm is making the deal alongside its Cogentrix Energy Power Management LLC portfolio company
Rhode Island State Energy Center is a natural gas fired plant based in Johnston, Rhode Island. Carlyle is making the investment out of the firm’s Carlyle Power Partners II and Carlyle Power Opportunities Capital Partners LP funds.
“The retirement of aging generation in the region is putting a greater emphasis on efficient gas-fired generators, like RISEC, to meet everyday electricity demand,” says Carlyle managing director Matt O’Connor.
Latham & Watkins is representing Carlyle.