By THE AFRICA BAZAAR Staff Writer
In making a significant play for a bigger role in the power sector in Africa, Power Capital Holdings and Hunt Power Capital Partners, LLC, a wholly owned subsidiary of Hunt Consolidated, Inc. announced they have teamed up to launch a new private equity venture, Power Capital Partners LLC, that will focus on investing in the global power sector.
Power Capital Partners’ business model and investment strategy is to focus exclusively on investing globally in the development, construction and operation of fully contracted or hedged conventional and renewable power plants and related infrastructure projects that exhibit highly predictable cash flow.
Headquartered in White Plains, New York, with a regional office in Austin, Texas, the firm plans to pursue late stage development investments in conventional and renewable power plants and related infrastructure in Africa, North America, Latin America, Asia, Europe and other global locations.
The firm has chosen a combination of highly qualified and deeply experienced investment team, along with a leading global energy sector developer and investor to lead the team.
Leading the executive management team are three co-founding managing partners: Jeffrey S. Stein, a former co-founder and principal of Durham Asset Management LLC and a current director of Dynegy Inc., US Power Generating Company, Granite Ridge Holdings, LLC and Ambac Financial Group, Inc. and Jeff D. Hunter, former co-founder, executive vice president and chief financial officer of US Power Generating Company, a privately held merchant power company.
He currently serves as a Director on the Board of US Power Generating Company.
K. Mitchell Posner, an investor and a bankruptcy attorney, is the third co-founding managing partners of the team. He was a former executive vice president of Alpine Group, Inc and currently serves as a director on the board of United Automobile Insurance Group.
The company said they have agreed to a deal that allows Hunt Power Capital Partners to provide Power Capital Partners 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,” said Hunter Hunt, President of Hunt Power.
Power Capital Partners has also reached a co-development agreement with Bechtel Development Corp., an affiliate of Bechtel Corp., to invest side-by-side in fully contracted or hedged conventional and renewable power plants and related infrastructure on a global scale that the companies decide to pursue together.
With a long-term record of accomplishment of successful global project development, Bechtel Development Corp. has developed over 30,000 MW of power generating capacity.
Power Capital Partners and Bechtel Development Corp. are currently developing a 30 MW biomass power plant in the U.S. 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,” said Jeffrey S. Stein, managing partner of Power Capital Partners.