Axium Infrastructure has announced the closing of a transaction in which Axium has acquired an equity interest in the Kings Mountain Energy Center (KMEC) and the Middletown Energy Center (MEC), two natural-gas fired generation assets that are currently under construction in North Carolina and Ohio.
Axium will own an approximately 25.0% equity interest in KMEC and an approximately 19.6% equity interest in MEC. The two projects will utilize state-of-the-art Mitsubishi Hitachi Power Systems combined-cycle technology. The projects are expected to achieve Commercial Operation Date in 2018 and will have a combined total capacity of 948 MW. The projects will be managed by affiliates of NTE Energy, an independent power producer who is responsible for the development and ongoing construction and asset management for each of the projects.
Thierry Vandal, President of Axium Infrastructure US Inc., said:
“We are very pleased to enter the equity partnership with Capital Dynamics. These high quality assets will benefit from solid revenue profiles derived from long-term off-take as well as capacity and energy payments. We continue to grow our US investment portfolio which now includes 20 assets diversified across wind, solar and natural-gas power generation technologies.”
John Breckenridge, Head of Clean Energy and Infrastructure Investment Management at Capital Dynamics, said:
“Capital Dynamics is very pleased to have Axium as a partner in these projects. As long-term holders of these assets, which are part of a global portfolio of gas, wind and solar plants that now exceeds 2,300 MW, we had been looking for a partner with a similar approach along with deep financial and technical capability.”
Morrison & Foerster LLP acted as legal advisor to Axium and Amis, Patel & Brewer, LLP acted as legal advisor to Capital Dynamics.
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