M&A Deal Summary

Riverstone Holdings and AES Acquire Silver Ridge Power

On March 25, 2008, private equity firm Riverstone Holdings and AES acquired renewable energy company Silver Ridge Power

Acquisition Highlights
  • This is Riverstone Holdings’ 7th and AES’s 1st transaction in the Renewable Energy sector.
  • This is Riverstone Holdings’ 38th and AES’s 5th transaction in the United States.
  • This is Riverstone Holdings’ 1st and AES’s 1st transaction in Virginia.

M&A Deal Summary

Date 2008-03-25
Target Silver Ridge Power
Sector Renewable Energy
Buyer(s) Riverstone Holdings
AES
Deal Type Joint Venture

Target

Silver Ridge Power

Arlington, Virginia, United States
AES Solar Energy, Ltd. Is formed to develop, own and operate a global portfolio of utility-scale solar photovoltaic installations.

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Buyer(S) 2

Buyer

Riverstone Holdings

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 40.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Riverstone Holdings is a large specialist asset management and private equity firm focused on opportunities in the energy and power industry. Specific areas of interest include oil & gas exploration, midstream transportation/logistics, electric generation, energy & power service, power infrastructure, and energy & power technology. Riverstone Holdings was formed in 2000 and is based in New York, New York.


DEAL STATS #
Overall 46 of 106
Sector (Renewable Energy) 7 of 15
Type (Joint Venture) 1 of 1
State (Virginia) 1 of 1
Country (United States) 38 of 78
Year (2008) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-13 Newberry Geothermal Energy

Stamford, Connecticut, United States

Newberry Geothermal Energy is an operator of the Newberry Geothermal Project and holds 60 square miles of Federal geothermal leases on the flanks of Newberry Volcano in central Oregon, about 30 miles south of Bend. Davenport Newberry’s leases are located outside of the Newberry National Volcanic Monument in an area designated for geothermal development. Newberry Geothermal Energy was established in 2008 and is based in Stamford, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-26 Shelter Bay Energy

Calgary, Alberta, Canada

Shelter Bay Energy is an oil and gas company with production and assets in the Bakken play in southeast Saskatchewan.

Buy $625M
Buyer

AES

Arlington, Virginia, United States

Category Company
Founded 1981
Sector Utilities
Employees9,600
Revenue 12.7B USD (2023)
DESCRIPTION

AES is a power company that owns and operates a diverse and growing portfolio of electricity generation and distribution businesses, which provide reliable, affordable energy to customers in 21 countries. AES understands that a reliable, affordable supply of electricity is essential to human progress, economic growth, public health and security. AES was founded in 1981 and is based in Arlington, Virginia.


DEAL STATS #
Overall 5 of 13
Sector (Renewable Energy) 1 of 5
Type (Joint Venture) 1 of 1
State (Virginia) 1 of 1
Country (United States) 5 of 11
Year (2008) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-12 Trans-Elect Development

Reston, Vermont, United States

Trans-Elect Development Co. LLC is an independent transmission company, focused on the acquisition and operation of transmission systems, the development and construction of new transmission lines, and the upgrade of existing transmission systems.

Buy $866M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-18 AgCert International

Dublin, Ireland

AgCert International Ltd., developes a systematic process for creating greenhouse gas (GHG) emissions reductions (ERs) for use as qualified offsets in the Kyoto Protocol, the European Union Emissions Trading Scheme (EU ETS) and other national emission trading systems.

Buy -