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Starwood Energy launches billion-dollar infrastructure fund

by Andrea Waitrovich

Starwood Energy Group Global, a Greenwich, Conn.-based private investment firm focused on energy infrastructure projects, has launched a second energy infrastructure fund, Starwood Energy Infrastructure Fund II, according to a filing with the Securities and Exchange Commission. The closed-end fund has a $1 billion fundraising goal. A final close date was not disclosed.

Starwood Energy pursues attractive risk-adjusted returns from both opportunistic acquisitions and development-stage funding of energy infrastructure assets. Starwood Energy also targets both greenfield and brownfield development opportunities where it can add value through its development and financial expertise.

Starwood Energy Group Global closed Starwood Energy Infrastructure Fund I in 2008 with total capital commitments of $433 million, exceeding the $400 million target established for the fund. It invests in generation and transmission assets in North America. Some assets in the fund's portfolio include Midway, a 120-megawatt simple-cycle natural gas peaking plant in Fresno, Calif.; Thermo Ft. Lupton Facility, a 272-megawatt combined cycle natural gas power plant and associated greenhouse steam-host in Denver; and minority interest in the Mead-Phoenix project, which is a 1,296-megawatt, 500-kilovolt alternating current transmission line extending 202 miles from southern Nevada to southern California.

Founded in 2005, Starwood Energy has committed to transactions representing more than $3 billion in enterprise value. It has portfolios of natural gas–fired power generation, high-voltage power transmission projects and a portfolio of renewable energy power generation projects. 

Starwood Energy is an affiliate of Starwood Capital Group Global, a real estate–focused private equity investment firm. Since inception in 1991, Starwood Capital has completed more than 465 transactions representing assets of $36 billion as of Sept. 30, 2012.  The firm has approximately $22 billion assets under management are $22 billion.

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