Prudential Private Capital invests $60M in Rougaroux Power Holdings

Rhea-AI Summary

Prudential Private Capital has provided $60 million in senior secured notes to Rougaroux Power Holdings, LLC, owner of a significant 192-megawatt hydroelectric project in Louisiana. This investment aligns with Prudential's strategy to support real asset investments, having allocated nearly $900 million across energy and power in the first half of 2021. The firm has a strong history with Rougaroux, dating back to 1990. Prudential Private Capital manages nearly $98 billion in assets under management (AUM) across various sectors globally.

Positive

• Investment of $60 million into a 192 MW hydroelectric project strengthens Prudential's portfolio.
• Demonstrated commitment to real assets with nearly $900 million invested in energy and power in the first half of 2021.
• Long-standing relationship with Rougaroux Power Holdings since 1990 highlights a stable investment strategy.

Negative

• None.

Prudential Private Capital provided $60 million of senior secured notes to Rougaroux Power Holdings, LLC, an indirect owner of a 192-megawatt operating hydroelectric project located in Louisiana. Prudential Private Capital is a leading source of private debt for public and private companies and is the private capital arm of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

"Our partnership with Rougaroux reinforces our long-term commitment to investments in real assets. In the first half of 2021, we have invested nearly $900 million across energy and power alone.” -Wendy Carlson, Managing Director at Prudential Private Capital (Photo: Business Wire)

“We are proud to continue supporting a high-performing hydro facility, which is among the newest and largest hydroelectric facilities built in the U.S. in the last 30 years,” said Ingrida Soldatova, senior vice president of Prudential Private Capital’s Power group.

“Our partnership with Rougaroux reinforces our long-term commitment to investments in real assets. In the first half of 2021, we have invested nearly $900 million across energy and power alone, demonstrating our ability to support our partners even in uncertain markets,” added Wendy Carlson, managing director and head of Prudential Private Capital’s Power group. “Our involvement with this asset dates back to 1990, reinforcing our relationship-based, long-term financing strategy.”

Relationship Highlights:

• Catalyst Old River Hydroelectric LP – Investment in the original 30-year leveraged lease financing in 1990.
• Gator Power Holdings I– $40 million of senior secured notes to fund a portion of ArcLight’s acquisition in 2011.
• Gator Power Holdings II – $70 million of senior secured notes to support a refinancing in 2015.

“Our Real Assets platform continues to expand and achieve strong origination activity across energy, power, infrastructure, and credit tenant lease sectors,” said Soldatova. “With nearly $30 billion AUM across nine global deal teams, we play an active role in the market.”

For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights, guidance, and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of nearly $98 billion for our partners. All data as of March 31, 2021. For more information, please visit prudentialprivatecapital.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210805005056/en/

FAQ

What is the recent investment by Prudential Private Capital in Rougaroux Power Holdings?

Prudential Private Capital invested $60 million in senior secured notes to Rougaroux Power Holdings for a hydroelectric project in Louisiana.

How much has Prudential Private Capital invested in energy and power in 2021?

In the first half of 2021, Prudential Private Capital invested nearly $900 million across energy and power.

What is the capacity of the hydroelectric project supported by Prudential?

The hydroelectric project supported by Prudential has a capacity of 192 megawatts.

What is the total assets under management (AUM) for Prudential Private Capital?

Prudential Private Capital manages nearly $98 billion in assets under management as of March 31, 2021.

When did Prudential begin its relationship with Rougaroux Power Holdings?

Prudential's relationship with Rougaroux Power Holdings dates back to 1990.