Harbert Management Corp. (HMC) has acquired a 50 percent interest in Kalaeloa Partners from PSEG Power. Financial terms were not disclosed.
Kalaeloa Partners owns a 208-megawatt oil-fired cogeneration facility on Oahu. Located in Oahu’s Campbell Industrial Park near Kapolei, the facility is dubbed the island’s most reliable, efficient-energy plant. It is operating under a 10-year power-purchase agreement with Hawaiian Electric and a steam sales agreement with Par Hawaii.
“HMC is excited to expand our ownership position at Kalaeloa,” said Claude Estes, senior managing director and head of infrastructure at HMC. “Kalaeloa has developed great relationships with its counterparties and the community over the years, and we look forward to building on those relationships.”
The investment was made on behalf of Harbert Infrastructure Fund VI (HIF VI), which held its fin