Power Capital Holdings has launched a new global power sector private equity firm, Power Capital Partners LLC (PCP) in partnership with Hunt Power Capital Partners, LLC (HPCP).
PCP is based in White Plains, New York, with a regional office in Austin, Texas.
PCP's creation results from the combination of a highly qualified and deeply experienced investment team with a leading global energy sector developer and investor.
The PCP executive management team includes Co-Founding Managing Partners Jeffrey S Stein, K Mitchell Posner and Jeff D Hunter. The Managing Partners have over 70 years of combined asset management, investment and operating experience in power generation and related industries. PCP will pursue late stage development investments in conventional and renewable power plants and related infrastructure in North America, Latin America, Asia, Europe, Africa and other select global locations. PCP will invest exclusively in projects that are either fully contracted or hedged with investment grade counterparties and therefore exhibit highly predictable cash flow. The fully integrated PCP business model and investment strategy, which includes capital investment from development through construction completion, operation and monetization, is unique in the energy focused asset management industry.
Hunt is one of the preeminent independent energy and investment companies in the world that engages in oil and gas exploration, refining, power, real estate, ranching and private equity investments. Hunt has made a substantial commitment to electric power through its role in the formation of Sharyland Utilities, L.P., and through its investment holdings in both InfraREIT Capital Partners, LLC and US Power Generating Company ("USPowerGen"). Hunt will provide PCP with access to information and resources to implement the business model and execute the investment strategy.
"We are excited to be partnering with such an accomplished team of power investment professionals to launch this new private equity firm. PCP represents a strategic addition to furthering the growth of our activities in this sector," says Hunter Hunt, President of Hunt Power.
Co-Development Agreement with Bechtel Development Corporation ("BDC"), an affiliate of Bechtel Corporation, provides enhanced opportunity for PCP to pursue global power investments.
PCP has executed a co-development agreement (the "Co-Development Agreement") with BDC to invest side-by-side in fully contracted or hedged conventional and renewable power plants and related infrastructure on a global scale that PCP and BDC decide to pursue together. BDC has a long-term track record of successful global project development and has developed over 30,000 MW of power generating capacity. PCP and BDC are currently developing a 30 MW biomass power plant in New England and are considering several additional development investment opportunities.
"It is a privilege to have Hunt Consolidated as a financial and strategic partner for PCP. The international project development and operating expertise of Hunt provides the perfect complement to the PCP executive management team. We believe that the partnership with Hunt coupled with the Co-Development Agreement with BDC clearly positions PCP for success," says Stein, Managing Partner of PCP.
