Carlyle Group said Friday that it plans to buy coal and solar power projects from investment bank Goldman Sachs.
The private-equity firm, based in Washington, will purchase the North American power generation assets of Cogentrix Energy. That includes five coal and solar power projects: coal-fired power plants in Jacksonville, Fla., Hopewell, Va., and Portsmouth, Va.; as well as solar power facilities in Daggett, Calif., and Alamosa, Colo. The deal will also give Carlyle access to other developing projects involving both gas and renewable energy. Carlyle will also keep Cogentrix employees based in Charlotte, N.C.
In the private-equity world, Carlyle has a reputation for investing in energy projects. It recently formed a joint venture with Sunoco that will keep the company's Philadelphia refinery operating. It also invested in a biomass gasification power plant in Connecticut, as well as energy exploration companies in Denver and Evansville, Ind.
The deal still needs approval from regulators and terms were not disclosed. Equity for it will be tapped from the $1.4 billion Carlyle Infrastructure Partners fund. Carlyle expects the purchase to close late this year.
Carlyle's shares rose 40 cents to $26.60 in morning trading.
