Strategic Value Partners acquired a majority equity interest in New Frontera Holdings, a 530-megawatt natural gas-fired combined-cycle generation facility in Mission, Texas. The investment gives SVP control of a power generation asset serving the Lower Rio Grande Valley, a fast-growing region within ERCOT.

SVP said the investment will be held through its partnership with EverGen Power, a power generation acquisition and asset management firm established in 2024. The transaction fits SVP’s broader focus on special situations, private equity, opportunistic credit and financing opportunities.