Global investment firm Strategic Value Partners (SVP) said its SVP Funds group is acquiring a minority equity interest in the 1,182-MW South Field Energy natural gas-fired power plant in Columbiana County, Ohio.
SVP, which announced the deal on July 27, did not disclose the financial terms of the transaction for the combined-cycle facility. South Field, which features GE 7HA turbines, entered commercial operation in 2021. SVP in a news release said South Field “is one of the newest gas-fired power plants” and also is among those with the “most efficient per megawatt-hour operating costs in PJM Interconnection.”
The company on Monday said its investment in South Field was made as part of the group’s partnership with EverGen Power, a Houston, Texas-headquartered power generation asset management firm. EverGen Power, which also has an office in Greenwich, Connecticut, was established in 2024 to support power generation investments across North America.
The South Field plant is in northeastern Ohio. Columbiana County is south of Cleveland, and northwest of Pittsburgh, Pennsylvania.
“We continue to see an attractive opportunity set in power generation, driven by structural growth in data center demand and the need for consolidation and new ownership strategies,” said David Geenberg, head of North American Corporate Investments at SVP. “We are excited to join South Field’s partnership of Asian and U.S. shareholders to help maximize the value of this critical asset in a high-growth market.”
“South Field is a critical source of baseload power generation in one of the most supply-constrained power markets in the country,” said Dave Freysinger, managing partner of EverGen Power. “As industry demand continues to grow, South Field will provide reliable, efficient power to this area of PJM.”
SVP describes itself as “a global alternative investment firm that focuses on special situations, private equity, opportunistic credit, and financing opportunities.” The company has about $21 billion in assets under management, and said that since its founding in 2001 it has invested more than $60 billion of capital. The firm has its main offices in Greenwich, New York City, and London in the UK, with other offices in Tokyo, Japan, and Dubai in the United Arab Emirates.
EverGen Power is a platform formed and backed by SVP Funds. The company was created to manage and operate critical power infrastructure.
SVP in May of this year agreed to acquire the remaining equity interests in Birdsboro Power, a 485-MW natural gas-fired combined-cycle generation station in Birdsboro, Pennsylvania. Birdsboro, which came online in 2019, also features GE’s advanced 7HA.02 gas turbine.
—Darrell Proctor is a senior editor for POWER.
