The unusual decision by the two equity firms to engage in discussions with environmentalists before the deal reflect the change in the investment climate for coal-fired plants, environmentalists said yesterday.
The deal approved last night "sends a pretty powerful message that you cannot embark on a new coal-fired generation plant without doing very extensive due diligence and making sure the risks are manageable," said Dan Bakal , director of electric power programs for Ceres, a Boston-based nonprofit coalition of environmental and investor groups.
Monday, February 26, 2007
Private Equity Greening
Texas Utilities was taken private in a $45B leveraged buy out. Why do I care? Not because I'm loosely in finance. It's because the new owners are going to shut down 8 of 11 dirty coal plants that were planned. Environmentalists rejoice! Private Equity Heroes!