Ardian Infrastructure has agreed to purchase a 41.9 percent stake in the 620-megawatt Hill Top Energy Center in Green County, Pa., from funds managed by the Infrastructure and Power Strategy of Ares Management Corporation.
Menora Mivtachim Insurance is the third partner in the deal.
Upon completion in 2021, the natural gas-fired energy center will sell capacity and energy to the Pennsylvania-Jersey-Maryland (PJM) regional transmission organization, the largest competitive power market in the United States.
Kiewit Power Constructors will serve as the engineering, construction and procurement contractor on the project, and gas turbines, steam turbines and heat recovery generators will be provided by GE Power, according to Ardian.
“The Hill Top investment continues our approach of identifying and investing in essential U.S. infrastructure assets that serve both our investors and the community at large,” said United States co-head Mark Voccola. “This state-of-the-art plant will replace aging, inefficient energy generation and will provide long-term, cleaner-burning, low-cost energy.”
Ardian manages approximately $90 billion of assets in Europe, the Americas and Asia on behalf of around 880 clients with investment strategies including funds of funds, direct funds, infrastructure, real estate and private debt.
