An Ares EIF Group-managed fund has agreed to sell the recently commissioned Pio Pico Energy Center in Otay Mesa, Calif., to institutional investors advised by J.P. Morgan Asset Management, according to a Dec. 13 news release.
Financial and others details of the transaction were not disclosed. The deal is subject to certain regulatory approvals and consents.
Ares EIF developed, financed and constructed the 322-MW, simple-cycle, natural gas-fired power facility, which achieved commercial operations in November. Pio Pico sells its output to Sempra Energy subsidiary San Diego Gas & Electric Co. under a 25-year power purchase and tolling agreement.
Ares EIF Group, formerly known as Energy Investors Funds, was acquired by Ares Management LP in January 2015.