PEI Global Partners ("PEI") is pleased to announce that Project Trident has been awarded the prestigious "Power & Transmission Acquisition of the Year – North America" honor at the IJInvestor Awards 2024. The IJInvestor Awards celebrate achievements in infrastructure finance and investment, recognizing groundbreaking deals and the teams behind them. The recognition highlights PEI's pivotal role as sole financial advisor to CSG Investments LLC (CSG), an affiliate of Beal Bank USA, in the landmark ~$2 billion Project Trident transaction.
Project Trident involved the sale of a diversified 3,594 MW portfolio of four combined cycle gas turbine (CCGT) plants across the U.S.: Harquahala (Arizona), La Paloma (California), Athens (New York), and Millennium (Massachusetts). The transaction, executed in two stages, featured the sale of the Western Assets to a consortium led by Capital Power and included BlackRock who acquired 50% of Harquahala, and the Eastern Assets to Gate City Power, backed by the Haslam and Tudor Jones family offices.
PEI played a central role in every facet of the transaction, from managing the streamlined process to developing a tailored investment thesis for each asset. Project Trident represents a critical milestone in the resurgence of large-scale natural gas transactions in North America. It served as a precursor to a wave of thermal generation M&A activity in 2024.
"This award reflects the depth of M&A expertise, extensive industry and investor network and strategic thinking our team brought to the table to maximize value for CSG," said Kevin Phillips, Managing Partner at PEI. "Project Trident highlights the intricate balance required to align market dynamics, investor priorities, and the essential role of natural gas in supporting grid reliability during the energy transition era. Successfully managing these elements demanded a tailored approach, and we are proud to have delivered a transformative outcome for our client."
"Project Trident represents a significant milestone in the evolution of the U.S. energy M&A market," said James Donahoe, Managing Director at CSG. "The transaction's success required expertly navigating the complexities of a multi-asset sale while addressing the unique challenges of each stakeholder. We are pleased that PEI advised us on this transaction and provided the strategic guidance necessary to navigate its complexities and deliver a successful outcome."
