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Strategic Value Partners buys minority stake in Ohio gas plant
The 1,182 MW combined-cycle facility entered commercial operation in 2021 and uses GE 7HA turbines, with SVP saying it targets efficient baseload power in PJM.
Strategic Value Partners said its SVP Funds group is acquiring a minority equity interest in the 1,182 MW South Field Energy natural gas-fired power plant in Columbiana County, Ohio.
The investment was announced July 27, and SVP did not disclose the financial terms of the deal for the combined-cycle facility, which entered commercial operation in 2021. SVP said South Field is among gas plants with comparatively efficient operating costs per megawatt-hour within PJM Interconnection.
SVP said the stake is part of the group’s partnership with EverGen Power, a Houston-based power generation asset management firm established in 2024. EverGen said South Field will provide reliable, efficient baseload power for a supply-constrained PJM market as industry demand grows.
SVP described itself as a global alternative investment firm focused on special situations and other investment categories, and said it has about $21 billion in assets under management. David Geenberg, head of North American Corporate Investments at SVP, said the firm sees opportunities tied to data center demand and ownership consolidation, and that it aims to maximize the value of the asset.
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