US-based alternative investment firm Strategic Value Partners (SVP) has agreed to acquire a minority equity stake in South Field Energy through its managed SVP Funds.

South Field Energy is a combined-cycle natural gas power plant with a capacity of 1.19GW, located in Columbiana County, Ohio, US.

The terms of the transaction have not been disclosed.

The facility began commercial operations in 2021 and features natural gas-fired combined-cycle turbines using GE’s 7HA technology.

It is said to be one of the newest gas-fired power plants in the PJM Interconnection network and is noted for its efficient operating costs per megawatt-hour.

The acquisition is part of SVP’s partnership with EverGen Power, an asset management company established in 2024 to support power generation investment across North America.

EverGen Power managing partner Dave Freysinger said: “South Field is a critical source of baseload power generation in one of the most supply constrained power markets in the country.

“As industry demand continues to grow, South Field will provide reliable, efficient power to this area of PJM.”

The power facility occupies less than 20 acres within a 150-acre parcel around three miles from Wellsville.

South Field Energy is considered to be a significant contributor to the economy of Columbiana County and surrounding communities.

It also supports efforts toward energy independence in the US.

SVP North American corporate investments head David Geenberg said: “We continue to see an attractive opportunity set in power generation, driven by structural growth in data centre demand and the need for consolidation and new ownership strategies.

“We are excited to join South Field’s partnership of Asian and US shareholders to help maximise the value of this critical asset in a high-growth market.”