The managed funds of Strategic Value Partners’ (SVP), a global alternative investment firm focused on special situations, private equity, opportunistic credit and financing opportunities, recently purchased a stake in Berks County-based Birdsboro Power, a 485-megawatt natural gas-fired combined-cycle generation facility.
The facility provides power to customers in Pennsylvania and the PJM Interconnection region. It began commercial operation in 2019 and features a natural gas-fueled combined cycle gas turbine.
The investment is part of a strategic partnership SVP formed in 2024 with EverGen Power, a power generation investment and asset management firm, to acquire and manage North American power assets.
“Given EverGen’s and SVP’s industry expertise, we were able to move quickly and provide deal certainty while executing on a bilateral basis,” David Geenberg, SVP head of North American corporate investments, said. “We have worked closely with members of the EverGen leadership team since 2018, including in the underwriting, acquisition and operation of GenOn. We believe that Birdsboro Power, similar to GenOn, has potential to unlock further efficiencies with the benefit of renewed engagement and operational oversight.”
SVP Funds holds majority ownership of GenOn Holdings, a Texas-based independent power producer.
Since 2001, SVP has invested approximately $3 billion in power assets.