Avenue Capital Group (Avenue) has agreed to sell a portfolio of energy transition-focused assets in California to Partners Group for $2.2 billion. The portfolio includes 11 critical natural gas-fired power plants operated by Middle River Power, which Avenue formed in 2016 to manage its investments in the power sector. Middle River has developed on-site battery energy storage systems at its existing gas-fired power plants to create Hybrid Energy Centers, reducing carbon footprint and enhancing reliability. The sale marks a successful outcome for Avenue's investment in Middle River and a significant transaction in the energy transition space.
Avenue Capital Group Agrees to Sell Portfolio of Assets of the Avenue Golden Continuation Fund, L.P. to Partners Group in $2.2 Billion Transaction