Fortress divests 49.9% share in 485 MW Long Ridge Energy Terminal power plant in Hannibal

Fortress Transportation and Infrastructure Investors LLC (FTAI) has sold a 49.9% interest in Long Ridge Terminal LLC to the Labor Impact Fund, L.P., a fund managed by GCM Grosvenor (GCM) for US$150 million in cash, plus an earn-out.

Long Ridge, an industrial port and rail terminal located in Hannibal, Ohio, is the site of a new 485 MW combined cycle gas-fired power plant currently under construction and scheduled to be completed and operational by November 2021.

Citi served as sole financial advisor to FTAI on the transaction.