Platinum Equity completes sale of Gettysburg facility

California-based Platinum Equity, a global investment firm, recently completed the sale of its Hunterstown power generation facility in Gettysburg to New York-based LS Power, a development, investment, and operating company focused on the North American power and energy infrastructure sector, for an undisclosed amount.

The sale also included related assets.

The Hunterstown facility uses a combined-cycle gas turbine to provide the PJM Met-Ed 500kV grid with 810 megawatts of energy, enough to supply more than 600,000 homes.

Platinum Equity acquired the facility in 2018 and managed it as a standalone business in the firm’s portfolio. The facility’s previous owner GenOn, a unit of NRG Energy, filed for bankruptcy protection in June 2017.

“Hunterstown is a good example of how Platinum can use its playbook to create value in different ways,” Platinum Equity co-President Louis Samson said. “The Hunterstown facility is an outstanding asset, with high free cash flow and strong recurring revenue, acquired from a seller that needed a divestiture solution during a time of distress, so it checked a lot of the boxes we typically look for.”

Platinum Equity has more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. It specializes in mergers, acquisitions and acquiring and operating companies.

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