Strategic Value Partners, an alternative investment firm with about $22 billion of assets under management, announced that its managed funds completed the acquisition of a stake in Birdsboro Power, which is a 485-megawatt natural gas-fired combined-cycle generation facility located in Berks County, Pennsylvania.
Birdsboro Power – which started commercial operations in 2019 features a highly efficient natural gas-fueled CCGT utilizing GE’s advanced 7HA.02 gas turbine. And it is a key baseload asset providing reliable, low-cost power to customers in Pennsylvania and the broader PJM Interconnection region.
SVP Funds invested in Birdsboro Power as part of the strategic partnership SVP formed in 2024 with EverGen Power, a power generation investment and asset management firm, to acquire and manage power assets across North America.
KEY QUOTES:
“We are excited to partner with SVP in its investment in Birdsboro Power, which is an environmentally advantaged plant with efficient new turbine technology that is well-positioned to serve its customers in a period of significant forecasted demand growth.”
Ari Barz, Co-CEO of EverGen
“We look forward to working with our partners in optimizing the operational and commercial performance of this important facility and continuing to deliver reliable, flexible and efficient power in the region.”
Dave Freysinger, Co-CEO of EverGen
“Given EverGen’s and SVP’s industry expertise, we were able to move quickly and provide deal certainty while executing on a bilateral basis. We have worked closely with members of the EverGen leadership team since 2018, including in the underwriting, acquisition and operation of GenOn. We believe that Birdsboro Power, similar to GenOn, has potential to unlock further efficiencies with the benefit of renewed engagement and operational oversight.”
David Geenberg, Head of North American Corporate Investments at SVP
