Strategic Value Partners (SVP), a global investment firm managing approximately $22 billion, will acquire Red Oak Power, an 831-megawatt natural gas-fired plant in Sayreville, New Jersey.
In operation since 2002, Red Oak uses Siemens 501FD3 technology to provide low-cost power to New Jersey and the PJM Interconnection region. This acquisition is part of a strategic partnership formed in 2024 with EverGen Power, a company specializing in power generation acquisitions across North America.
SVP has invested about $2.4 billion in power assets since 2008 and has held a majority stake in GenOn Holdings since 2018. The EverGen team, led by Ari Barz and Dave Freysinger, has over 75 years of experience in the power generation sector.
KEY QUOTES:
“Red Oak is a critical asset, located in a high-power demand area that we expect to continue to see accelerated growth from AI-driven data center development and the broader electrification of the economy. Its proven and efficient technology makes it well-positioned to continue to provide low-cost, reliable power to the Northeast.”
Ari Barz, Co-CEO of EverGen
“We are excited to partner with SVP on this investment as we expand our presence in PJM. We look forward to the continued optimization of the operational and commercial performance of this important facility.”
Dave Freysinger, Co-CEO of EverGen
“With the benefit of EverGen’s and SVP’s industry expertise, we were able to move quickly and provide deal certainty on an expedited timeline. We have worked closely with the members of the EverGen leadership team for many years, including in the underwriting, restructuring and operation of GenOn, a 12 GW merchant fleet, in 2018, and the sourcing and acquisition of a managing stake in Birdsboro Power, another merchant CCGT in PJM, earlier this year.”
David Geenberg, Head of North American Corporate Investments at SVP
