Strategic Value Partners acquires minority stake in 1.2-GW Ohio gas-fired power plant

By: Darrell Proctor, Senior Editor, POWER Magazine

Global investment firm Strategic Value Partners (SVP) has announced that its SVP Funds group is acquiring a minority equity interest in the 1,182-MW South Field Energy natural gas-fired power plant in Columbiana County, Ohio.

SVP disclosed the deal on July 27 but did not reveal the financial terms of the transaction for the combined-cycle facility.

Key Details

• Plant: South Field Energy, featuring GE 7HA turbines
• Location: Columbiana County, northeastern Ohio (south of Cleveland, northwest of Pittsburgh, Pennsylvania)
• Commercial Operation: Entered service in 2021
• Efficiency: Described by SVP as "one of the newest gas-fired power plants" with among the "most efficient per megawatt-hour operating costs in PJM Interconnection"

Partnership with EverGen Power

SVP stated that its investment in South Field was made as part of the group's partnership with EverGen Power, a Houston, Texas-based power generation asset management firm. EverGen Power, which also maintains an office in Greenwich, Connecticut, was established in 2024 to support power generation investments across North America.

Executive Commentary

David Geenberg, Head of North American Corporate Investments at SVP:

"We continue to see an attractive opportunity set in power generation, driven by structural growth in data center demand and the need for consolidation and new ownership strategies. We are excited to join South Field's partnership of Asian and U.S. shareholders to help maximize the value of this critical asset in a high-growth market."

Dave Freysinger, Managing Partner of EverGen Power:

"South Field is a critical source of baseload power generation in one of the most supply-constrained power markets in the country. As industry demand continues to grow, South Field will provide reliable, efficient power to this area of PJM."

About Strategic Value Partners

SVP describes itself as "a global alternative investment firm that focuses on special situations, private equity, opportunistic credit, and financing opportunities."

• Assets Under Management: Approximately $21 billion
• Capital Invested Since Founding (2001): More than $60 billion
• Main Offices: Greenwich, New York City, and London (UK)
• Additional Offices: Tokyo, Japan, and Dubai, United Arab Emirates

Recent Related Activity

In May 2026, SVP agreed to acquire the remaining equity interests in Birdsboro Power, a 485-MW natural gas-fired combined-cycle generation station in Birdsboro, Pennsylvania. Birdsboro, which came online in 2019, also features GE's advanced 7HA.02 gas turbine.

EverGen Power is a platform formed and backed by SVP Funds, created to manage and operate critical power infrastructure.