NEW YORK, Oct. 13 /PRNewswire-FirstCall/ -- Highstar Capital (Highstar) announced today that AIG Highstar Capital II has completed its previously announced sale of a 50% interest in InterGen NV (InterGen) to GMR Infrastructure Limited (GMR). GMR now jointly owns InterGen with the Ontario Teachers' Pension Plan (Teachers). Teachers has been a 50% owner of InterGen since 2005.
Commenting on the closing of the transaction, Highstar Founder and Managing Partner, Christopher H. Lee stated, 'The completion of the sale of our interests in InterGen continues a decade-long track record of successfully investing in infrastructure assets and businesses with sustainable downside protection coupled with upside potential. I want to commend my team, Barclays Capital and GMR for closing a major transaction in the most difficult credit environment of our lifetimes.' Mr. Lee added, 'We exit our investment leaving InterGen as a strong, well-capitalized company under the exceptional leadership of current CEO Neil H. Smith and his very capable team. We have greatly enjoyed working with management and are confident GMR will be a great new partner for InterGen as it continues onto the next level of well-deserved success.'
About Highstar
Highstar is a leader in value added infrastructure investing with a decade long track record. Since the closing of its first fund in 2000, Highstar has led or co-led a number of significant, diversified infrastructure investments; including power generation, water and waste water, natural gas transmission and storage, waste management, waste-to-energy, transportation logistics, inter modal and port concessions and operations. Highstar currently manages over $4.5 billion of capital commitments from leading institutional investors globally, including through its third generation private equity fund, AIG Highstar Capital III.
About InterGen
InterGen is a global power generation firm with twelve power plants representing a total generation capacity of 8,074 MW (6,219 net equity MW). InterGen's plants are located in the UK, the Netherlands, Mexico, the Philippines and Australia. These facilities include 5,280 net equity MW in operation, 428 MW under construction and 511 MW under agreement.
About AIG Investments
AIG Investments is a global leader in asset management with extensive capabilities in equity, fixed income, hedge, private equity, and real estate investments. Member companies of AIG Investments manage more than US $758 billion in assets and employ approximately 2,100 professionals in 46 offices around the world as of June 30, 2008. AIG Investments is the asset management arm of American International Group, Inc. (NYSE: AIG).
SOURCE Highstar Capital
