India, July 8 -- Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, announced Tuesday it has entered into an agreement to sell its ownership stake in TigerGenCo Red Oak Holdings, LLC to funds managed by Strategic Value Partners.
Sayreville, New Jersey-based Red Oak, is part of the PJM Interconnection, which is North America's largest power market. MSIP acquired the 831-megawatt combined cycle power plant in 2017 and has managed the Facility through its power asset management platform TigerGenCo, which also manages MSIP's investment in Bayonne Energy Center.
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