We advised Strategic Value Partners on the transaction

Davis Polk advised affiliates of Strategic Value Partners, LLC (SVP) on the acquisition of a majority stake in New Frontera Holdings (Frontera). Financial terms of the transaction were not disclosed.

SVP is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit, and financing opportunities. The firm uses a combination of sourcing, financial, and operational expertise to unlock value in its portfolio companies. Today, SVP manages approximately $22 billion in assets under management and, since inception, has invested more than $57 billion of capital. The firm, established by Victor Khosla in 2001, has over 200 employees, including more than 100 investment professionals, across its main offices in Greenwich (CT), New York and London, and presences in Tokyo and Dubai.

Frontera is a 530-megawatt natural gas-fired combined-cycle generation facility located in Mission, Texas. Frontera, which began commercial operations in 1999, is a key dispatchable asset providing reliable, low-cost power to Texas, supporting robust growth in power demand.

The Davis Polk corporate team included partner Darren M. Schweiger and associates Samuel Liebmann and Joshua B. Pittell. Partner Elena Maria Millerman and associate Mostafa Al Khonaizi provided finance advice. Partner Corey M. Goodman and counsel Ziyuan (Constance) Zhang provided tax advice. Counsel Meytal McCoy provided antitrust and competition advice. All members of the Davis Polk team are based in the New York office.

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