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Glenfarne Group and Partners Group Announce EnfraGen’s Expanded Presence in Colombia Through Termovalle Acquisition

·5-min read

EnfraGen, LLC ("EnfraGen"), a developer, owner, and operator of grid stability and value-added renewable power and assets in Latin America, jointly owned by Glenfarne Group and Partners Group, on behalf of its clients, announced today the close of its acquisition of Termovalle S.A.S. E.S.P., the largest natural gas-fired plant in Western Colombia. The sellers are Juneau Business Inc., Termovalle Investment Limited, Altra Private Equity Fund II LP, Altra Private Equity Fund II-A, Fondo de Capital Privado Altra FCP II and Altra Investments II GP Inc. With an installed capacity of 241 MW, the acquisition brings EnfraGen’s portfolio of operating and in-construction power assets to a combined capacity of approximately 1.7 GW. Following the acquisition, Termovalle will be renamed Prime Termovalle S.A.S. E.S.P.

Termovalle is the most efficient gas-fired plant in Colombia and benefits from dual-fuel technology. Located in Palmira, Termovalle provides essential capacity and energy to the Colombian electrical system and is strategically located to benefit from the planned LNG import terminal proposed by the Colombian government.

EnfraGen operates its grid stability portfolio in Colombia under the brand name Prime Energía, which also includes the 610 MW Termoflores natural gas-fired plant in Barranquilla acquired in 2019.

Brendan Duval, CEO of EnfraGen and Managing Partner of Glenfarne Group said, "Our grid stability portfolio across investment-grade Latin America, designed to support the accelerating adoption of renewables, has grown significantly over the past few years, and positions EnfraGen at the heart of the energy transition process. The Termovalle acquisition expands and diversifies EnfraGen’s presence in Colombia, reinforcing our commitment to Colombia’s energy transformation and providing confidence and optimism around our ability to expand to this important and attractive market. The acquisition also provides EnfraGen with synergies and additional operating leverage and efficiency across the Prime Energía Colombia business."

Ed Diffendal, Managing Director, Private Infrastructure Americas, Partners Group, added, "The Termovalle acquisition furthers EnfraGen’s growth and is symbolic of the robust pipeline of accretive opportunities in Latin America, core to Partners Group's transformational investment strategy for the platform. We believe EnfraGen’s business model focusing on critical grid stability and value-added renewable assets will continue to bring new opportunities for the business and further EnfraGen's standing as one of the most important energy infrastructure companies in Latin America."

EnfraGen completed the purchase through its wholly owned subsidiary EnfraGen Energía Sur.

Paul Hastings served as US legal advisor and Gómez-Pinzón served as Colombian local legal advisor to EnfraGen.

BNP Paribas acted as financial advisor to the sellers. Philippi Prietocarrizosa Ferrero DU & Uría served as Colombian legal advisor and Simpson Thacher & Bartlett served as US legal advisor to the sellers.

EnfraGen, through its Prime Energía division in Chile, also owns five operating grid stability plants with a total installed capacity of 409 MW, and five grid stability plants under construction with an estimated total installed capacity of 375 MW. The Company recently announced its successful refinancing of more than US$1.7 billion to consolidate its assets in Latin America.

About EnfraGen, LLC

EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.

EnfraGen is jointly controlled by Glenfarne Group, LLC and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.4 GW of installed capacity. The company, including its affiliates and subsidiaries, is supported by a team of approximately 275 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.

About Prime Energía

Prime Energía, an EnfraGen company, develops and operates back-up and grid stability energy infrastructure assets throughout Chile and Colombia. Prime Energía is dedicated to advancing Latin America’s energy transition contributing investment, technical expertise, and operational excellence to the transformation of the sector and key players in Colombia. Prime Energía began operations in Colombia in 2019 through the acquisition of the Termoflores power plant in Barranquilla, which has an installed capacity of 610 megawatts. Through Termoflores and Termovalle, we provide reliable back-up power in the predominantly hydroelectric Colombian power system and support the national grid primarily during the dry season to ensure a secure supply of energy.

About Glenfarne Group, LLC

Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Panama City, Panama; Santiago, Chile and Bogota, Colombia. Glenfarne's seasoned executives, asset managers and operators develop, acquire, manage and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.

About Partners Group

Partners Group is a leading global private markets investment manager. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 109 billion in assets under management as of 31 December 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005500/en/

Contacts

Kris Cole
Pro-glenfarne@prosek.com
(310) 652-1411