MSD Capital, the private equity firm backed by Michael Dell, has bought the one-half stake in the 105 MW Saguaro dual-fuel cogeneration facility in Henderson, Nev., that it did not already own.
The former co-owner of the project, NRG Energy, sold its stake on Oct. 16, according to paperwork filed with the U.S. Federal Energy Regulatory Commission.
NRG had been exploring a sale of its interest as long ago as 2014, but instead chose to refinance at the time (PFR, 1/7/14).
GE Energy Financial Services was the lead arranger on the $97.4 million facility that NRG put in place, with CIT Bank coming on board as a lender.
While CIT sold its piece of the loan more than a year ago, the status of GE EFS's portion of the debt could not be established.
GE EFS sold its project finance loan book to Starwood Property Trust in August (PFR, 8/8) but a person briefed on the matter said that the GE EFS was no longer involved in the project at the time of the sale.
Spokespeople for MSD, Starwood and GE Capital in New York declined to comment and officials at NRG did not respond to an inquiry by press time.
The Saguaro plant has been online since 1991 and sells its electric generation to NV Energy under a contract that expires in 2022.
The project previously sold steam to Olin Chlor Alkali Products but these sales stopped when Olin permanently shuttered its chloralkali facility in 2016.
The Saguaro facility also had a contract to sell steam to Ocean Spray Cranberries, but this was due to expire in 2015. Whether the agreement had been extended could not immediately be verified.