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Ares EIF Group invests in Birdsboro Power.

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M2 EQUITYBITES-March 1, 2017-Ares EIF Group invests in Birdsboro Power

(C)2017 M2 COMMUNICATIONS http://www.m2.com

Ares EIF Group has closed an equity investment for the construction of Birdsboro Power, a brownfield 488-MW natural gas-fired combined-cycle generation facility located in Berks County, Pennsylvania, Ares Management LP (NYSE: ARES) said.

In connection with this transaction, CIT Bank, GE Energy Financial Services and Investec arranged non-recourse debt financing for the project.

Terms of the transactions were not disclosed.

The project will feature the GE 7HA.02 gas turbine and a GE steam turbine, and will remediate and redevelop a site that was once home to a manufacturing facility.

Birdsboro has retained Kiewit as the engineering, procurement and construction contractor, and it is expected that the project will create hundreds of jobs during construction and approximately 20 jobs on-site after completion. The plant is expected to begin commercial operations in the second quarter of...

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