FERC okays sale of power plants by EIF to Ares Holdings

The Federal Energy Regulatory Commission on Dec. 9 approved the purchase by the new Ares Holdings LP of several power plant companies, including Newark Energy Center LLC, EIF Newark LLC and Plum Point Energy Associates LLC.

The companies on Nov. 5 had requested commission authorization for Ares Holdings to acquire from a group of individuals indirect control of the applicants through its acquisition of 100% of the membership interests in EIF Management LLC.

The involved facilities are located within the following balancing authority areas (BAAs) — New York Independent System Operator, ISO New England, PJM Interconnection, Midcontinent Independent System Operator andCalifornia Independent System Operator.

Ares is a Delaware limited partnership that is directly owned by (i) Ares Holdings Inc. as general partner, and (ii) Ares Owner Holdings L.P (Ares Owners) and Allegheny Insurance Holdings LLC, each of which are non-voting limited partners. Ares Owners is controlled by Ares Partners Holdco LLC, which, in turn, is indirectly owned and controlled by five individual persons: Antony Ressler, Michael Arougheti, David Kaplan, John Kissick, and Bennett Rosenthal (together, the Ares Co-Founders) Ares Holdings is a wholly-owned, direct subsidiary of Ares Management LP, which is an alternative asset management firm.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.