Strategic Value Partners, LLC (together with its affiliates, “SVP”), a global alternative investment firm with approximately $23 billion of assets under management, today announced that its managed funds (the “SVP Funds”) have agreed to acquire 32% of the equity interests in Carroll County Energy, a 700-megawatt natural gas-fired combined-cycle generation facility located in Carrollton, Ohio.
Carroll County Energy, which began commercial operations in 2017, features efficient, natural gas-fueled CCGTs utilizing GE 7FA turbines. It is a key provider of reliable, low-cost power to customers in Ohio and the broader PJM Interconnection region.
SVP Funds made this investment in Carroll County Energy as part of the strategic partnership SVP formed in 2024 with EverGen Power (“EverGen”), a power generation acquisition and asset management firm established to support SVP with power generation investments across North America.
“Carroll County Energy is a highly efficient, baseload plant providing reliable power to Ohio and the broader Mid-Atlantic, supporting further electrification in the economy and increasing power demand from data centers in the region,” said Ari Barz, Co-CEO of EverGen. “We are excited to add Carroll County Energy to SVP’s PJM portfolio, alongside the recent acquisition of a managing stake in Birdsboro Power and the acquisition of Red Oak Power.”
“The distinctive combination of EverGen’s industry expertise and SVP’s ability to navigate complex transactions allowed us to provide speed and certainty to the global consortium of stakeholders in this Ohio plant critical to reliability and datacenter development,” said David Geenberg, Head of North American Corporate Investments at SVP. “In partnering with EverGen, we are building a best-in-class portfolio of North American generation assets.”
SVP has deep investing expertise across a number of real asset sectors, including power. In addition to holding majority ownership of GenOn Holdings, Inc. (“GenOn”) since 2018, SVP Funds have made significant investments in several energy assets and companies. The EverGen team is led by Ari Barz and Dave Freysinger. Together with Senior Advisor Stephen Schaefer, they bring over 75 years of experience in the power generation sector.
