Conduit Capital Partners LLC, a New York-based equity investment firm, announced it intends to sell the thermal and hydropower assets of its first two private equity funds, Latin Power I and Latin Power II.
The portfolios currently contain power generation assets in Jamaica, Mexico, Colombia, and Peru totaling 398 MW of net equity in installed capacity. Assets include 36 MW of net equity of hydropower capacity, 362 MW of thermal capacity, and an associated portfolio of commercial arrangements. All are control positions except for investment in a Peru natural gas project.
Latin Power I was closed in 1993 with US$100 million and Latin Power II was closed in 1998 with US$157 million of committed capital.
Conduit Chairman J. Scott Swensen noted its Mexican portfolio represents the only privately owned hydroelectric generation in Mexico.
Last month, Conduit committed to invest US$9 million in the 12-MW Benito Juarez hydroelectric project being developed in Mexico through its recently closed US$393 million Latin Power III fund. (HNN 9/27/06)
Conduit has retained BNP Paribas as exclusive financial adviser for the divestiture.
�Each of these investments represents a high quality asset with a unique position in its marketplace, with the added benefit of strong investment partners and ongoing agreements that ensure stable cash flow,� Swensen said.