Conduit Capital Partners, a private equity investment firm focused on infrastructure investment and development in Latin America and the Caribbean, has completed the acquisition of a po
Conduit Capital Partners, a private equity investment firm focused on infrastructure investment and development in Latin America and the Caribbean, has completed the acquisition of a power generation portfolio from Basic Energy.
Included in the purchase is a 100 per cent interest in Jamaica Energy Partners, a 55 per cent share in Pedregal Power, and the right to interests in two other development opportunities in the region.
Jamaica Energy Partners operates 11 barge-mounted, diesel-fired generating units. The combined capacity of 125 MW represents roughly 20 per cent of the electricity consumed on the island. As part of the transaction, Conduit has acquired the right to add 60 MW of generation capacity to JEP, which it expects to begin constructing this year. Conduit’s Latin Power I, II, and III funds were all previous investors in JEP, with the Conduit funds reaching 100 per cent ownership of the asset in 2006. Conduit sold the asset to Basic Energy in 2007 for USD92.5m.
‘We are very pleased to acquire such a strong combination of assets,’ says J. Scott Swensen, chairman of Conduit. ‘The pipeline of power generation assets for purchase in the Caribbean and Central America is exceptionally strong for our firm, and we look to today’s purchase as the foundation of an exciting regional power platform.’
The Pedregal Power thermal generating facility is one of the most efficient generators in the Panamanian system. Located about 21 miles east of Panama City, the plant has an installed capacity of 55 MW.
