Greenwich, Connecticut, September 14, 2022 – The Silverfern Group, an investment management firm making direct investments in middle market private equity globally, today announced that it has exited its investment in Broad River Energy, following the successful sale of the Company to Onward Energy, a portfolio company of an open-ended infrastructure fund sponsored by JP Morgan Asset Management.
Broad River Energy is an 878MW dual-fuel, simple-cycle, gas turbine power plant strategically located 40 miles from Charlotte, North Carolina. Broad River is fully contracted with a subsidiary of Duke Energy Corporation under two tolling agreements. Silverfern invested in Broad River Energy in 2016 in partnership with Arroyo Energy Investment Partners.
Following completion of the exit, Silverfern Managing Director Edward Rimland commented “We are proud to have worked with our Partner Arroyo Energy in the operation and preparation for future expansion of the Borad River facility. We look forward to the ongoing success of Broad River, including should an expansion of the facility occur, the potential for future contingent consideration to Broad River’s investors.”
About Broad River Energy
Broad River Energy is an 878MW dual-fuel, simple-cycle, gas turbine power plant strategically located 40 miles from Charlotte, North Carolina. Broad River is fully contracted with a subsidiary of Duke Energy Corporation under two tolling agreements. The Facility is located in the SERC-East electricity market (in North and South Carolina).
Silverfern is a global middle-market investment management firm. From its offices in Greenwich and Sydney, its experienced, cohesive team of senior investment professionals makes investments in global middle-market private equity. Targeting $15 million to $25 million equity per investment in partnership with qualified local investment partners, whom we select for their specific industry knowledge and local market experience, Silverfern seeks to invest in buyouts, build-ups, acquisitions, growth equity and recapitalizations worldwide. Additional information is available at www.silfern.com
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