London, 22 April, 2016. Funds managed by GSO Capital Partners (“GSO”) today completed the acquisition of the Rijnmond Power Plant, a natural gas-fired combined cycle power generation facility located in the Port of Rotterdam, The Netherlands.
The 810 MW facility comprises two Siemens V94.3 A2 (SGT5-4000F) gas turbines, one Alstom three casing steam turbine, as well as auxiliary equipment. It is designed to supply clean, low-cost electricity to the Netherlands and northwest Europe. The plant is in excellent condition and will benefit from considerable future operational capacity.
The plant began operations in 2004, supplying power and steam to the wholesale market and industrial customers in the Port of Rotterdam. The facility is currently in preservation state after it was mothballed in the second quarter of 2015.
GSO is excited about the investment and looks forward to exploring all options to maximise the plant’s significant potential for all stakeholders.
GSO Capital Partners LP is the global credit investment platform of Blackstone. With approximately $79 billion of assets under management, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $340 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
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