ArcLight Closes 1.9GW Power Generation Portfolio Acquisition from PSEG

Generation Bridge II, LLC, a wholly owned subsidiary of ArcLight Energy Partners Fund VII, L.P., closed the previously announced acquisition of a 1.9 GW power generating portfolio from Public Service Enterprise Group.

Generation Bridge II consists of three facilities in ISO New England and one in New York ISO, and the portfolio is well diversified across markets, technology, and fuel type. The portfolio includes two highly efficient natural gas-fired combined cycles facilities and two peaking facilities that provide capacity, energy and ancillary services to New England and New York.

The portfolio's dispatchable energy supply will help to allow the integration of intermittent renewable resources in the New England and New York electricity markets over the coming decades.

The acquisition was partially financed with a senior secured credit facility in the institutional term loan market.

Commenting on the transaction, Dan Revers, Managing Partner and Founder of ArcLight Capital Partners, LLC said, "Generation Bridge II furthers ArcLight's focus in supporting the transition to the energy grid of the future, which we expect to include a complementary mix of renewable resources and reliable, dispatchable resources."