HOUSTON — EverGen Power, a newly-formed power generation acquisition advisory firm, and Strategic Value Partners, LLC, a global alternative investment firm with over $18 billion of assets under management acting as agent for its and its affiliates managed investment funds and accounts, announced the launch of a strategic partnership to invest in and manage power assets across North America. The partnership will focus on investments in power generation assets and renewable opportunities in deregulated markets.
The EverGen team is led by Dave Freysinger and Darren Olagues, whom together have over 50 years of experience investing in and managing North American power infrastructure. Stephen Schaefer will serve as a Senior Advisor to EverGen in its efforts. Freysinger and Olagues are the former CEO and CFO and current Board members of GenOn Holdings, Inc. Schaefer serves on the Board of GenOn as well as the Boards of Talen Energy and Just Energy. Under their leadership, they successfully managed the reorganization, recapitalization and monetization of GenOn’s 11 GW power portfolio over the past six years.
The SVP team focused on investments in the power sector is led by Ari Barz, a Managing Director on the North American Investment Team, who has worked closely with the team behind EverGen since 2018. SVP has deep investing expertise across a number of real asset sectors and has invested approximately $3 billion in power assets since 2001. SVP has held majority ownership of GenOn since 2019 and has made significant investments in several energy investments, including SunEdison, PG&E, TerraForm Power, Liberty Electric and Edison Mission Energy.
EverGen and SVP plan to leverage their power industry experience and investing capability to acquire and manage generation assets that fill a critical reliability role in competitive power markets.
“With the challenges in advancing the energy transition, there is a growing reliance on existing generation. Our fundamental outlook of rising power demand, continued retirement of base load generation and little new dispatchable generation makes the existing gas generation fleet increasingly valuable,” said Freysinger.
“We are excited to be partnering with the EverGen team to pursue opportunities in the power sector. SVP has a long track record of investing in power assets, with a focus on value creation through our operational and commercial expertise. We look forward to building on our long-standing partnership with the EverGen team, whose deep industry knowledge and relationships will enhance our ability to identify and unlock value in the power sector,” said Barz.
Source: Strategic Value Partners; EverGen Power
