NEW YORK,
Dec. 5,
2024 /PRNewswire/ -- PEI Global Partners ("PEI") is
pleased to announce that Project Trident has been awarded the
prestigious "Power & Transmission Acquisition of the Year –
North America" honor at the
IJInvestor Awards 2024. The IJInvestor Awards celebrate
achievements in infrastructure finance and investment, recognizing
groundbreaking deals and the teams behind them. The recognition
highlights PEI's pivotal role as sole financial advisor to CSG
Investments LLC (CSG), an affiliate of Beal Bank USA, in the landmark ~$2 billion Project Trident transaction.
Project Trident involved the sale of a
diversified 3,594 MW portfolio of four combined cycle gas turbine
(CCGT) plants across the U.S.: Harquahala (Arizona), La Paloma (California), Athens (New
York), and Millennium (Massachusetts). The transaction, executed in
two stages, featured the sale of the Western Assets to a consortium
led by Capital Power and included BlackRock who acquired 50% of
Harquahala, and the Eastern Assets to Gate City Power, backed by
the Haslam and Tudor Jones family offices.
PEI played a central role in every facet of the
transaction, from managing the streamlined process to developing a
tailored investment thesis for each asset. Project Trident
represents a critical milestone in the resurgence of large-scale
natural gas transactions in North
America. It served as a precursor to a wave of thermal
generation M&A activity in 2024.
"This award reflects the depth of M&A
expertise, extensive industry and investor network and strategic
thinking our team brought to the table to maximize value for CSG,"
said Kevin Phillips, Managing
Partner at PEI. "Project Trident highlights the intricate balance
required to align market dynamics, investor priorities, and the
essential role of natural gas in supporting grid reliability during
the energy transition era. Successfully managing these elements
demanded a tailored approach, and we are proud to have delivered a
transformative outcome for our client."
"Project Trident represents a significant
milestone in the evolution of the U.S. energy M&A market," said
James Donahoe, Managing Director at CSG. "The transaction's
success required expertly navigating the complexities of a
multi-asset sale while addressing the unique challenges of each
stakeholder. We are pleased that PEI advised us on this transaction
and provided the strategic guidance necessary to navigate its
complexities and deliver a successful outcome."
About PEI Global Partners
PEI Global Partners Holdings LLC ("PEI") is an
independent, closely held investment bank with offices in
New York City, Tampa and Hong
Kong, specializing in the power, energy, and infrastructure
sectors. PEI advises financial sponsors, developers and corporate
clients on mergers and acquisitions, divestitures, financings,
private placements, and other strategic transactions. Since its
inception in 2022, PEI has completed over 30 transactions raising
well over $10 billion for owners and
developers of renewable and thermal power. PEI conducts securities
transactions through its wholly owned broker-dealer subsidiary PEI
Global Partners LLC, which is regulated by the Financial Industry
Regulatory Authority ("FINRA"), the Securities and Exchange
Commission ("SEC"), the New York
State Department of Financial Services and the Florida
Office of Financial Regulation. For more information on PEI, please
visit www.peigp.com.
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SOURCE PEI Global Partners