Capital Markets | Private Equity Activity
Energy Corporation of America and First Reserve Corporation form a Marcellus Midstream JV
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First Reserve Corporation (“First Reserve”), a private investment firm in the energy industry, announced today that it has entered into an agreement to provide an equity commitment of $100 million from its Energy Infrastructure Fund to a joint venture with Energy Corporation of America (“ECA”).
Through the joint venture, First Reserve will own a 50% interest in two newly constructed gathering systems located in Pennsylvania’s Greene and Clearfield counties. Both systems service the Marcellus Shale which has been bolstered by strong drilling results for natural gas. The joint venture will operate under long-term contracts with a fixed take-or-pay structure.
In addition to the initial investment, the joint venture intends to explore the opportunity to develop new or expand existing…
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