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A New York-based energy and transportation investment fund said it's acquired a joint stake in the Hartford Steam Co.'s district heating and cooling system.
Financial terms of the deal between Basalt Infrastructure Partners and HSC parent DCO Energy were not disclosed.
Basalt's stake covers four district heating systems in DCO's portfolio. Besides Hartford, those systems are located in Delaware and New Jersey, where DCO is headquartered.
The systems that are part of the deal will be owned by a newly created entity called DB Energy Assets.
HSC's district system serves some of the largest properties in downtown, as well as the South End.
The system includes an 11-megawatt plant, located at 60 Columbus Boulevard, and a cogeneration plant.
"We were attracted by DCO's proven track record and expertise in district energy and cogeneration and believe DB Energy Assets will provide a strong platform for growth with a fresh source of capital to take advantage of increasing demand for cogeneration and district energy services in North America," Basalt managing partner Rob McGregor said in a statement.
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