Investments will focus on assets that play a critical role in improving grid stabilization and reliability
HOUSTON and GREENWICH, Conn., June 17, 2024 /PRNewswire/ -- EverGen Power ("EverGen"), a newly-formed power generation acquisition advisory firm, and Strategic Value Partners, LLC ("SVP"), 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, today 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. Mr. Freysinger and Mr. Olagues are the former CEO and CFO and current Board members of GenOn Holdings, Inc. ("GenOn"). Mr. 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 Mr. 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 Mr. Barz.
About EverGen Power
EverGen Power is an acquisition and management advisory firm focused on critical power generation assets and renewable opportunities. With our integrated approach, we invest in assets that play a critical role in grid reliability and stabilization in deregulated markets in North America. We pride ourselves on our ability to take differentiated market views and come to investment decisions in a range of complex situations. We have a proven track record in acquiring and managing power generation assets that we combine with the innovative range of investment solutions offered by funds managed by SVP. Learn more at www.evergenpwr.com.
Dave Freysinger, Managing Partner
Dave Freysinger is the Chairman of the Board of GenOn and served as its CEO from 2018 to 2024. Mr. Freysinger has been involved in the deregulated power space since 2001. Prior to GenOn, Mr. Freysinger served as an independent consultant to power industry clients who were engaged in restructurings and transactions. He was Executive Vice President, Coal Operations for EquiPower Resources from 2013 through its sale to Dynegy in 2015. Before 2013, Dave served in a variety of roles with Reliant Energy and GenOn Energy, including heading Reliant's generation and European operations.
Darren Olagues, Managing Partner
Darren Olagues is a GenOn Board Member and previously served as its Chief Financial Officer and Senior Advisor since 2017. From 2007-2016, Mr. Olagues served in various leadership roles with Cleco affiliated companies including President and CEO of Cleco Corporate Holdings and President of Cleco Power where he led Cleco's $4.7 billion privatization efforts. Prior to Cleco, Mr. Olagues held financial leadership roles at Exelon Corporation and Sithe Energies from 2000 to 2006.
Stephen Schaefer, Senior Advisor
Stephen Schaefer has been a GenOn Board Member since 2018 and served as the Chairman of the Board. He has been actively involved in the deregulated natural gas and electricity markets since 1993. He currently serves as Chairman of the Board of Talen Energy and Just Energy. Mr. Schaefer previously served as Chairman of the Board for Texgen and as a member of the Boards of Homer City Holdings LLC, Element Markets LLC, and Alpine Summit Energy Partners. He was a Partner with Riverstone Holdings, a private equity firm focused on energy investing, from 2004 to 2015 where he served on two of its investment committees and was primarily responsible for conventional power and renewable energy investments. Prior to joining Riverstone, Mr. Schaefer was a Managing Director with Huron Consulting Group, where he founded and headed its Energy Practice. From 1998 to 2003, Mr. Schaefer was Managing Director and Vice President with Duke Energy North America responsible for mergers and acquisitions.
About SVP
SVP is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit, and financing opportunities. The firm uses a combination of sourcing, financial and operational expertise to unlock value in its portfolio companies. Today SVP manages over $18 billion in assets under management, and since inception, has invested more than $47 billion of capital, including more than $18 billion in Europe. The firm, established by Victor Khosla in 2001, has over 200 employees and approximately 100 investment professionals, across its main offices in Greenwich (CT) and London, and a presence in Tokyo. Learn more at www.svpglobal.com.
Ari Barz, Managing Director, Strategic Value Partners
Ari Barz is a Managing Director on SVP's Investment Team and has been overseeing SVP funds' investments in the power sector for over 8 years, with a focus on conventional and renewable power in North America. Prior to joining SVP in 2016, Mr. Barz was at Blue Mountain Capital Management and Citigroup, where he made and managed investments in power, among other sectors. Mr. Barz serves on the Boards of GenOn, IPC Systems, and PureField Ingredients.
Media Contacts:
Liz Bruce
Head of Communications and Brand
Strategic Value Partners
[email protected]
SOURCE Strategic Value Partners; EverGen Power
Share this article