The Abu Dhabi Investment Authority (ADIA) is investing $500m (€490m) for a minority stake in AlphaGen, an 11GW US power infrastructure portfolio owned by ArcLight Capital Partners-managed funds.
ArcLight said a subsidiary of ADIA had agreed to make the investment in AlphaGen in a deal expected to close in the first half of 2025, subject to regulatory approval.
Khadem AlRemeithi, executive director of the infrastructure department at ADIA, said: “This transaction presented an opportunity to expand our existing relationship with ArcLight, which has a long history of successfully investing in power infrastructure and is well positioned through this portfolio to provide the reliable electricity required by AI data centers and local industries.”
Angelo Acconcia, partner at ArcLight, said: “ArcLight is excited to expand its existing relationship with ADIA through this partnership, which will help catalyze the future growth and value of the AlphaGen portfolio and take advantage of the significant market opportunity we see associated with the secular and systemic growth in power demand and related infrastructure.
Andrew Brannan, managing director at ArcLight, said: “These power assets, selectively acquired over time and through numerous discrete transactions, aggregate a strategic portfolio which serves an important market need.”
Curt Morgan, CEO of AlphaGen, said: “We are excited about the future potential of this portfolio which is well positioned to deliver safe, reliable, and dynamic power solutions to meet increasing demand.”
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