LS Power Completes Sale of Safe Harbor Hydroelectric Facility
LS Power Equity Advisors, through a private fund it manages, closed on the sale of its 33.3% ownership interest (with 50% voting rights) in the 417 MW Safe Harbor hydroelectric facility to a subsidiary of Brookfield Renewable Energy Partners, L.P. The transaction was completed at an enterprise value of $303 million, consisting of a $289 million cash purchase price plus customary working capital adjustments and the assumption of ~$14 million in net project debt on the Safe Harbor facility. LS Power Equity Advisors originally acquired the project from PPL Corporation in Q1 2011 along with two other assets.