Brookfield Asset Management Inc. has completed its acquisition of roughly 62% of Oaktree Capital Group LLC, after accepting the conditional approval of the Federal Energy Regulatory Commission.
FERC required the companies to inform the commission within 30 days of any material changes in any of the circumstances that surround the transaction and to inform within 10 days of the consummation of the transaction.
Oaktree, a hedge fund manager, owns Highstar Capital GP IV, which through affiliates, holds 87.5% of class A voting units of the 674-MW Salem Harbor Station, a natural gas-fired, combined-cycle power facility in Salem, Mass. It also indirectly owns about 62.5% of the limited liability company interest in Star West Generation LLC, which owns and operates the 570-MW Griffith Generating Station in Mohave County, Ariz.
Funds managed and controlled by Highstar Capital own 14% of Cogen Technologies Linden Venture LP and East Coast Power Linden Holding LLC, which own the 974.1-MW Linden Cogeneration facility in Linden, N.J. Affiliates of Oaktree own about 61% of the outstanding voting shares of Hartree Partners LP, a merchant energy and commodities firm in New York City.
The energy entities are expected to retain day-to-day management and operational control of their jurisdictional facilities. (FERC docket EC19-104)
