Houlihan Lokey is pleased to announce the sale of EIG Global Energy Partners’ (EIG) 50% indirect interest in Hamilton Holdings II, LLC (“Hamilton” or the “JV”) to The Carlyle Group. The transaction closed on June 9, 2021.
Hamilton Holdings II was formed as a 50/50 joint venture between EIG and The Carlyle Group in early 2019. The JV owns two identical natural-gas-fired power plants located in Pennsylvania, Panda Patriot (Patriot) and Panda Liberty (Liberty), representing 1,740 MW of total capacity.
Houlihan Lokey was originally engaged by EIG to explore strategic alternatives for its mezzanine notes at Liberty and Patriot, as both facilities were financially distressed and facing defaults under the senior credit agreement. EIG and Houlihan Lokey brought in Carlyle Power Partners to form Hamilton in 2019, and after difficult negotiations with the original sponsor, Panda Power Funds, Hamilton executed an equity transfer agreement upon the closing of a new senior financing.
In early 2021, following the refinancing transaction, Houlihan Lokey assisted EIG in the sale of its 50% equity stake in Hamilton to The Carlyle Group, making The Carlyle Group the 100% equity owner of the JV. Houlihan Lokey served as the exclusive financial advisor to EIG in the transaction, which closed in June 2021.
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