Asset manager GCM Grosvenor signed a definitive agreement to acquire a 49.9% equity stake in the Long Ridge multimodal energy terminal from investment firm and project developer Fortress Transportation and Infrastructure Investors LLC.

GCM, through its Labor Impact Fund, will acquire the interest in the project for $150 million in cash plus an earn-out, the parties announced Dec. 23.

According to the project's website, the Long Ridge energy terminal is situated on 1,660 acres in Monroe County, Ohio, and Wetzel County, W.Va., in the heart of the Marcellus and Utica shale formations.

The terminal includes the proposed 485-MW Long Ridge Energy natural gas-fired project, roughly 300 acres of available land, two barge docks on the Ohio River, a unit train, and direct truck access to Ohio Route 7.

The combined-cycle power project is expected to be operational in late 2021.

The terminal also includes four gas pipelines, 21 silos and conveyer belt system with 100,000 tons of frac sand storage capacity, and two liquid storage tanks with 45,000 barrels of capacity.

TD Securities acted as GCM Grosvenor's financial advisor on the transaction. Baker Botts LLP served as legal advisor.