Harbert Infrastructure Fund VI, managed by Harbert Management Corporation, has acquired a 50% stake in a low sulphur fuel oil-fired cogeneration facility on the Island of Oahu, Hawaii, from a subsidiary of the US energy company Public Service Enterprise Group (PSEG).
The fund bought PSEG Power’s stake in Kalaelao Partners, an entity which owns the 208 MW cogeneration facility.
Located in Oahu’s Campbell Industrial Park near Kapolei, the plant operates under a 10-year power purchase agreement with Hawaiian Electric and a steam sales agreement with Par Hawaii, a refinery operated by Houston-based oil and gas exploration and production company, Par Pacific Holdings.
Claude Estes, Harbert’s senior managing director and head of infrastructure, said: “Kalaeloa has developed great relationships with its counterparties and the community over the years, and we look forward to building on those relationships.”
Harbert Infrastructure Fund VI held its final close in September last year, raising US$905m (€823m) in equity and related co-investment commitments to invest in North American power and renewable energy.