Energy and Infrastructure

Lockhart Power dam

We are operators of, or partners in, middle market negotiated investments that are typically not of sufficient scale to interest larger energy investment companies but too large and complex or long-lived for small independent power or venture developers.

INVESTMENT MANDATE

  • Proven technologies
  • Standard engineering & construction
  • Minimized fuel risk
  • Credit quality counterparties
  • Steady 10% + portfolio returns
  • Residual or franchise value
  • Environmentally responsible & distinguished
  • Geographic market in the continental U.S


REGULATED UTILITIES

In 2015, we continued to expand our Lockhart Power franchise and completed the acquisition of NiAmerica, a regulated water and wastewater company serving more than 40,000 customers in central South Carolina. With the Ni acquisition, we became the largest private owner of regulated utilities in the state.

NiAmerica, a wholly owned subsidiary of Pacolet Milliken, is an investor owned utility regulated by the South Carolina Public Service Commission. Serving more than 45,000 customers in several South Carolina counties, it provides water and wastewater services. The investment, will require additional funding to build a 22-mile pipeline as well as a 6 million gallon-per-day treatment plant, offers what we believe are excellent risk adjusted returns within a utility structure we know well, and boasts numerous acquisition opportunities of smaller systems across the state.

Lockhart Power, a wholly owned subsidiary of Pacolet Milliken, is an investor owned electric utility regulated by the South Carolina Public Service Commission and the Federal Energy Regulatory Commission. Serving five South Carolina counties, it provides power generation, transmission, distribution and lighting services to a range of residential, commercial, industrial and wholesale customers.  Lockhart Power owns and operates five run-of-the-river hydroelectric projects as well as several Landfill Gas-to-Energy projects.  Since 2007, Pacolet Milliken has more than doubled the size of Lockhart Power.


RENEWABLES

Solar Farm

With our operating partners, we have built a diversified portfolio of solar generation and Landfill Gas-to-Energy assets.

With the recognition that the grid has become the main driver of remote customers’ power costs and power quality problems, there has been recognition that efficiency gains no longer come from increasing generating capacity, but from smaller units located closer to sites of demand. Capital markets have come to realize that right-sized resources, for individual customers, distribution substations, or micro-grids, are able to offer important but previously little-known economic advantages over central plants.

Charleston International Manufacturing Center at Bushy Park

CORPORATE ENERGY SERVICES

We in-house operate and manage a business unit that delivers key infrastructure services to credit quality industrial users. We build, own and operate facilities that deliver low cost electrical supply, natural gas, nitrogen, compressed air, process water and communications. Our model is to use our capital and operating experience so that our customers can focus theirs on their core business.