GCM Grosvenor to buy stake in Ohio energy terminal

The Chicago asset manager has a deal to acquire 49.9 percent of a property that includes a 485-megawatt power plant under development.

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79彩票注册网址Chicago asset manager GCM Grosvenor said today that it has agreed to pay $150 million in cash to buy 49.9 percent of a Hannibal, Ohio, energy terminal from Fortress Transportation & Infrastructure Investors, which will continue to own the majority stake.

, which has $57 billion under management and invests in hedge funds, private equity, infrastructure and real estate, said in a statement that it made the investment from its Labor Impact Fund, which is focused on infrastructure assets “that rely on collaboration with labor to unlock opportunities" and generate returns. The fund’s money comes from large U.S. and Canadian unions’ pensions.

The is in the Appalachian Basin and has a 485-megawatt power plant under development on 1,660 acres of land in Hannibal, with 300 acres of “available flat land,” the statement said. The terminal also includes two barge docks on the Ohio River and a loop rail track with access to Ohio Route 7, presumably for intermodal cargo transport. 

In February, an I affiliate landed $588 million in financing in conjunction with entering long-term, fixed-price power sale . It also entered an agreement with Kiewit Power Constructors and a power generation equipment purchase agreement with General Electric.

FTAI is a unit of Fortress Investment Group, a New York-based asset manager that has about $42 billion under management, including about $4 billion at the transportation and infrastructure unit. 

GCM, an affiliate of Grosvenor Capital Management, may need to make additional payments for the purchase, depending on the energy terminal's future performance and other “financial objectives,” the statement said.

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