A Greenwich-based private equity firm has assumed a majority stake in a natural gas-fired energy facility in Texas. Strategic Value Partners (SVP) said its SVP Funds acquired a majority of the equity interests in New Frontera Holdings, a 530-megawatt combined-cycle plant in the city of Mission that produces electricity through a combination of gas and […]
A Greenwich-based private equity firm has assumed a majority stake in a natural gas-fired energy facility in Texas.
Strategic Value Partners (SVP) said its SVP Funds acquired a majority of the equity interests in New Frontera Holdings, a 530-megawatt combined-cycle plant in the city of Mission that produces electricity through a combination of gas and steam turbines.
Financial terms were not disclosed.
SVP Funds initially invested in Frontera through a first-lien term loan prior to the company's 2021 restructuring. After the reorganization, SVP Funds converted a portion of its position into equity and has since increased its ownership over time, SVP said.
SVP said it plans to eventually acquire all of Frontera through a partnership with EverGen Power, a power generation acquisition and asset management firm founded in 2024 to support SVP’s investments across North America.
The plant, which began commercial operations in 1999, uses two natural gas-fired GE 7FA combined-cycle turbines to generate electricity for the Texas market.
SVP has about $22 billion in assets under management and has invested more than $57 billion of capital since being founded in 2001 by Victor Khosla. It has offices in New York and London, and presences in Tokyo and Dubai.
