Company Pursues Energy Investments

Private Equity Firm Carlyle Group LP has agreed to buy U.S. power-plant developer Cogentrix Energy LLC. The company hopes to pursue energy investments independent of its long times partner Riverstone Holdings LLC. Carlyle, a Washington D.C.-based company, has made many of its own energy deals, however most of the company’s exposure to the energy industry has been a result of the its partnership with Riverstone.

Carlyle will gain five Cogentrix plants: two coal-fired plants in Virginia and Florida, and three solar facilities in Colorado and California.

“We like the idea that it brings our [investors] a yield-based solution, and a sustainable solution, that also provides ballast for our energy infrastructure activities long-term,” said Dan D’Aniello, Carlyle’s co-founder and chairman overseeing energy investments.

Riverstone was founded by former Goldman Sachs banker David Leuschen. Riverstone is a New York-based buyout shop that specializes in oil-and-gas and electric-power investments and is responsible for much of Carlyle’s exposure to the energy industry.

Riverstone and Carlyle continue to partner on several investments; however, Carlyle has pushed many energy investments on its own. Two years ago Carlyle launched a fund that lends to energy companies ranging from oil producers to a facility that turns demolition debris into power.

Today the energy industry is as complicated as it gets. Buffeting stock prices make it tough to know where to put your money. In the past, investing in the energy business was simple, “buy a stock and stick with it.” Just two years ago, soaring oil and natural-gas prices made any energy bet “pay off.” Investing in energy is much more complicated than it used to be, often requiring experts to analyze growing markets.

Riverstone and Carlyle are two companies that are dedicated to understanding the energy sector and the its growing markets.

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Categories: Energy
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Sep
21

More Good News About South Carolina Jobs

South Carolina is known for its prospering businesses especially in automotive and aerospace industries. In fact, jobs in South Carolina continue to grow as new businesses form and old businesses expand. BorgWarner TorqTransfer Systems, a 16-year-old South Carolina company, recently announced an exapansion in South Carolina that would result in the creation of over 30 new jobs. BorgWarner TorqTransfer Systems, produces transfer cases and torque management devices for all-wheel drive passenger cars, crossover vehicles, sport utility vehicles and light trucks.

Andy J. Mickus, general manager at BorgWarner TorqTransfer Systems North America said, “Demand for our products has increased, and South Carolina has provided us with an excellent business environment, so this expansion is the right step for our company. We appreciate all the support we’ve received from state and local officials.”

South Carolina Secretary of Commerce Bobby Hitt said, the “announcement by BorgWarner shows that South Carolina’s reputation in the automotive club continues to grow. Our state’s business-friendly climate and skilled workforce continue to help our existing companies prosper and create new jobs.”

South Carolina is a great home for any business because of its stable job market. In addition to the stable job market South Carolina offers the lowest corporation tax rates in the nation and highly competitive wages for workers. South Carolina also provides businesses the opportunity to maintain low operating costs, including:

  • A 5% corporate income tax rate
  • No state property tax
  • No local income tax
  • No inventory tax
  • No sales tax on manufacturing equipment, industrial power or materials for finished products
  • No wholesale tax
  • No unitary tax on worldwide profits

Click to read more information about SC employment.

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Categories: Economy
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Sep
07