A global investment firm that manages about $22 billion in assets said it has acquired a majority of the equity interests in New Frontera Holdings, which includes a 530-MW natural gas-fired combined-cycle generation station in Mission, Texas. Terms of the transaction were not disclosed. The company also announced a deal to acquire a gas-fired power plant in Birdsboro, Pennsylvania
Strategic Value Partners (SVP), founded in 2001 and with its main offices in Greenwich, Conn., New York City, and London in the UK, announced the New Frontera deal on May 7. SVP, which also has presence in Tokyo, Japan, and Dubai in the United Arab Emirates, said its SVP Funds managed funds portfolio completed the acquisition. SVP has invested more than $57 billion in capital over the past 25 years.
The company on May 8 said it had signed a definitive agreement to acquire the remaining equity interests in Birdsboro Power, a 485-MW natural gas-fired combined-cycle generation facility located in Birdsboro, Pennsylvania. The company also did not disclose the financial terms of that deal.
The global investment firm initially invested in Frontera through its first lien term loan prior to the company’s 2021 restructuring. SVP after reorganizing converted a portion of its position into equity and has since increased its ownership over time. SVP on Thursday said it will acquire Frontera as part of its strategic partnership with EverGen Power, a power generation acquisition and asset management firm established in 2024 that supports SVP with power generation investments across North America.
“By drawing on our deep restructuring expertise and knowledge of the power sector, SVP was well-positioned to establish a controlling stake in Frontera,” said David Geenberg, head of North American Corporate Investments at SVP. “Furthermore, through our partnership with EverGen, we will be able to drive value creation over the years to come.”
“Frontera is a critical source of dispatchable power in the Lower Rio Grande Valley, one of the fastest-growing regions in ERCOT.” said Dave Freysinger, managing partner of EverGen Power. “We are excited to bring our resources and expertise to drive best-in-class operations.”
Frontera, which began commercial operations in 1999, features two natural gas-fueled combined-cycle GE 7FA turbines.
SVP on Thursday said EverGen is a platform formed and backed by SVP Funds. It was created “to acquire and operate critical power infrastructure that supports the delivery of reliable and safe energy, addressing the increasing demand for power driven by electrification,” according to SVP.
Birdsboro Deal
SVP Funds acquired an initial one-third equity interest in Birdsboro in May 2025 and has served as managing member of the facility since that time, operating Birdsboro alongside EverGen Power, a power generation acquisition and asset management firm established in 2024 to support SVP with power generation investments across North America. Under the new agreement, SVP Funds will acquire the remaining equity interests from Sojitz Birdsboro LLC and Tokyo Gas America Ltd., bringing the asset under full SVP Fund ownership.
“Birdsboro is one of the most efficient modern gas generators in PJM, located in a region that continues to see growing demand from electrification and data center load,” said Greenberg. “Having served as Managing Member since our initial investment a year ago, we are pleased to build on our position and move to full ownership of the asset.”
“Our team has worked alongside SVP at Birdsboro since their initial investment, focused on enhancing the commercial and operational performance of the facility and extending its strong operating track record,” said Ari Barz, managing partner of EverGen Power. “With full SVP ownership, we look forward to building on that progress and continuing to drive value at one of the most capable assets in the region.”
Birdsboro, commissioned in 2019, is a modern combined-cycle facility built around GE’s advanced 7HA.02 gas turbine, with a top-decile heat rate of approximately 6,300 Btu/kWh. The facility is located in southeastern Pennsylvania.
—Darrell Proctor is a senior editor for POWER.
