Overview

Carlyle Power Partners invests in power generation and related assets, primarily in North America.  Carlyle Power Partners leverages Carlyle’s power platform, Cogentrix Energy, acquired from Goldman Sachs in December 2012.

Carlyle Power Partners I

Carlyle Power Partners I closed on its capital commitments in May 2013, with the primary purpose of investing in the U.S. power generation sector.

Investment Industry Acquired Status
Alamosa Solar Generating Project

The Alamosa Solar Generating Project is the largest high concentration photovoltaic power generation facility in the world, producing 30 megawatts of solar power under contract with Public Service Company of Colorado.

Energy & Power Current
CalPeak Power

CalPeak is a portfolio of four 49.5 MW natural gas-fired peaking generation facilities in California, including two units located in Northern California and two in Southern California. 

Energy & Power Current
Cedar Bay Generating Plant

Cedar Bay is a 250MW coal-fired circulating fluidized bed boiler power generation facility located in Jacksonville, Florida.  Cedar Bay sells capacity and energy to Florida Power & Light Company under a long-term power purchase agreement.

Energy & Power Exited
Cogentrix Power Management

Cogentix Power Management is the technical and operating platform for the power generation assets owned by Carlyle.

Energy & Power Current
Hopewell and Portsmouth

Hopewell and Portsmouth are each 120 MW (nominal) coal stoker-fired boiler power generation facilities in Virginia.  Engineered, developed and constructed by Cogentrix in 1987 and 1988, the facilities sell power to Northern Virginia Electric Co-op under a long-term power purchase agreement. Carlyle owns 50% of each facility.

Energy & Power Current
Malaga Power LLC

Malaga is a 96 MW natural gas-fired peaking generation facility located in Fresno, California.

Energy & Power Current
Midway

Midway is a 122 MW natural gas-fired simple cycle power plant under long term power purchase agreement with Pacific Gas and Electric.

Energy & Power Current
Red Oak Power Holdings LLC

Red Oak is an 823 MW natural gas-fired, combined-cycle facility located in Sayreville, NJ. The plant operates under a tolling agreement with TAQA Gen X through August 2022.

Energy & Power Current
Rhode Island State Energy Center

The Rhode Island State Energy Center is a 583 MW natural-gas fired power plant located in Johnston, Rhode Island.

Energy & Power Current
Southeast PowerGen Holdings, LLC

Southeast PowerGen, LLC owns and operates six natural gas-fired plants.

Energy & Power Current
Sunray

Sunray is a 43 MW solar project that sells electricity under a power purchase agreement with Southern California Edison.

Energy & Power Exited
Carlyle Power Partners II

Carlyle Power Partners II closed its $1.5 billion fund in April 2016, with the primary purpose of investing in the North American power generation sector.

Investment Industry Acquired Status
Cogentrix Power Management

Cogentix Power Management is the technical and operating platform for the power generation assets owned by Carlyle.

Energy & Power Current
Nautilus Generation

Nautilus Generation is a 1,767 net MW power generation portfolio consisting of 11 primarily natural gas-fired facilities located in New England and the Mid-Atlantic.

Energy & Power Current
Rhode Island State Energy Center

The Rhode Island State Energy Center is a 583 MW natural-gas fired power plant located in Johnston, Rhode Island.

Energy & Power Current
Southeast PowerGen Holdings, LLC

Southeast PowerGen, LLC owns and operates six natural gas-fired plants.

Energy & Power Current

Carlyle Power Partners’ strategy is to target investments in power generation in select regions where secular trends will drive growth and where the Fund believes opportunity exists to enhance the operational and financial performance of the assets.  The Fund will typically target investments where it has direct or indirect operational control to facilitate the implementation of technical enhancements by the Cogentrix team. 

Key elements of the Fund’s investment approach include:

  • Opportunity identification across the combined networks of Carlyle and Cogentrix;
  • Alignment of the Fund’s strategies and Cogentrix’s strengths;
  • Extensive technical and operational due diligence performed by Cogentrix;
  • Development of asset-specific value enhancement strategies; and
  • De-risk assets during ownership to position for optimal exit.
     

The dynamics of North American power markets are shifting, creating a wide variety of opportunities across regions and technologies, both in terms of new builds and acquisitions of existing assets.  The combination of Cogentrix’s technical expertise and Carlyle’s financial acumen positions Carlyle Power Partners to capitalize on the current trends in the power market.

Team Member Title Location Industry
Daniel Barbosa Senior Associate New York, NY Energy & Power
Joseph Cordrey Associate New York, NY
Justin Kwan Associate New York, NY Energy & Power
Jim Larocque Principal New York, NY Energy & Power
Robert Mancini Managing Director New York, NY Energy & Power
Kevin McCarthy Principal New York, NY Energy & Power
John Oldenburg Vice President New York, NY Energy & Power
Matthew J. O’Connor Managing Director New York, NY Energy & Power
Leland Stromberg Associate New York, NY Energy & Power
Ward Young Principal New York, NY Energy & Power