GREENWICH, Conn. and MISSION, Texas, May 7, 2026 /PRNewswire/ — Strategic Value Partners, LLC (together with its affiliates, “SVP”), a global alternative investment firm with approximately $22 billion of assets under management, today announced that its managed funds (the “SVP Funds”) have acquired a majority of the equity interests in New Frontera Holdings, LLC (“Frontera”), a 530-megawatt natural gas-fired combined-cycle generation facility located in Mission, Texas. Financial terms of the transaction were not disclosed.
SVP Funds initially invested in Frontera through its first lien term loan prior to the company’s 2021 restructuring. Following the reorganization, SVP converted a portion of its position into equity and has since increased its ownership over time, most recently acquiring a majority controlling stake. SVP will acquire Frontera as part of its strategic partnership with EverGen Power (“EverGen”), a power generation acquisition and asset management firm established in 2024 to support SVP with power generation investments across North America.
“By drawing on our deep restructuring expertise and knowledge of the power sector, SVP was well positioned to establish a controlling stake in Frontera,” said David Geenberg, Head of North American Corporate Investments at SVP. “Furthermore, through our partnership with EverGen, we will be able to drive value creation over the years to come.”
“Frontera is a critical source of dispatchable power in the Lower Rio Grande Valley, one of the fastest-growing regions in ERCOT.” said Dave Freysinger, Managing Partner of EverGen Power. “We are excited to bring our resources and expertise to drive best-in-class operations.”
Frontera, which began commercial operations in 1999, features two highly efficient, natural gas-fueled combined cycle GE 7FA turbines. It is a key dispatchable asset providing reliable, low-cost power to Texas, supporting robust growth in power demand.
About SVP
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. Learn more at www.svpglobal.com.
About EverGen Power
EverGen is a platform formed and backed by SVP Funds, created to acquire and operate critical power infrastructure that supports the delivery of reliable and safe energy, addressing the increasing demand for power driven by electrification. Its leadership prides itself on its track record of excellence, having worked closely together for almost a decade and with a combined 75 years of experience in the power generation sector. Learn more at www.evergenpwr.com
Media Contact:
Strategic Value Partners
media@svpglobal.com
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SOURCE Strategic Value Partners, LLC
