GCM Grosvenor (GCM), a global alternative asset management firm, has signed a definitive agreement to acquire a 49.9 percent equity interest in the Long Ridge Energy Terminal from Fortress Transportation and Infrastructure Investors for $150 million in cash plus an earn-out.
Long Ridge, the Appalachian Basin’s multimodal energy terminal, is located on 1,660 acres in Hannibal, Ohio, and includes a 485-megawatt power plant currently under development, nearly 300 acres of available flat land, two barge docks on the Ohio River, a unit train capable loop track and direct truck access to Ohio Route 7.
“We are excited to invest in the Long Ridge Energy Terminal and have the opportunity to partner with FTAI on what will be one of the most highly efficient natural gas-powered plants in North America,” said Michael Sacks, chairman and CEO of GCM Grosvenor. “We believe Long Ridge will serve as a reliable low-cost energy provider to the region for many years to come and, e
