IFM acquires Allco equity in Con Edison generation portfolio

Industry Funds Management Pty Ltd announced Feb. 25 it will take over Allco Finance Group's equity position in the $1.477 billion purchase of Consolidated Edison power plants totaling 1,706 MW, including five small hydroelectric projects in Massachusetts.

North American Energy Alliance LLC, a company jointly owned and controlled by IFM and AllCapital (US) LLC (Allco), announced in December it planned to pay cash to acquire the Con Edison plants. (HNN 12/18/07) Through a new agreement, IFM will increase its equity holding in North American to 100 percent from 62.4 percent.

In addition to transferring its equity to IFM, Allco agreed to pay IFM's International Infrastructure $63 million to be released from its obligations in the transaction. IFM said it expects the transaction to close in mid-2008, subject to federal and state regulatory approvals.

Consolidated Edison Development, a subsidiary of Consolidated Edison, said the hydropower plants involved in the sale totaled more than 17 MW: 1.464-MW Dwight (No. 10675); 3.58-MW Gardners Falls (No. 2334); 3.7-MW Indian Orchard (No. 10678); 3.9-MW Putts Bridge (No. 10677); and 4.5-MW Red Bridge (No. 10676).

All five hydro plants are part of Consolidated Edison Energy Massachusetts Inc., which includes 185 MW of generating capacity consisting of the hydro facilities, gas-fired combustion turbines, and thermal units, all in western Massachusetts.

AllCapital is the U.S. subsidiary of Australian fund manager Allco Finance Group. IFM is an investment manager in Australia.

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