NEW YORK — Basalt Infrastructure Partners II LP (“Basalt”) and DCO Energy (“DCO”) announced the closing of a transaction to acquire a joint equity ownership stake in DB Energy Assets, a newly formed entity that owns four well established district energy systems in Hartford, CT, Wilmington, DE Montclair State University, NJ and Atlantic City, NJ, and a portfolio of cogeneration assets in the United States. The transaction represents the fourth investment for Basalt.
Rob Gregor, Managing Partner of Basalt Infrastructure Partners LLP, Advisor to Basalt, said, “As long term investors, we view DB Energy Assets as a strong fit with Basalt’s investment strategy. We were attracted by DCO’s proven track record and expertise in district energy and cogeneration and believe DB Energy Assets will provide a strong platform for growth with a fresh source of capital to take advantage of increasing demand for cogeneration and district energy services in North America.”
Frank DiCola, Chairman and CEO of DCO Energy said, “DCO is proud to be teamed with Basalt on DB Energy Assets. Our shared vision on environmentally and socially responsible energy projects coupled with complimentary skill sets and a long term hold provides a very compelling story to the marketplace.”
Further, Basalt and DCO today announced the completion of the acquisition of Detroit Renewable Energy LLC, an integrated renewable energy system comprised of Detroit Thermal, the City of Detroit’s underground district energy steam system, as well as Detroit Renewable Power and Hamtramck Energy Services. Detroit Thermal has reliably heated some of Detroit’s landmark buildings and businesses for more than 100 years.