Infrastructure

Overview

Harbert companies have been successfully investing in infrastructure for over 30 years, and for over 20 years through HMC’s fund strategies. Harbert Infrastructure invests in assets that can provide investors attractive risk-adjusted returns, reliable current income, opportunity for capital gains, and inflation protection.

Two keys to our success have been a disciplined investment focus and an experienced, stable investment team. Harbert Infrastructure team members bring a broad range of valuable experience to the team as developers, builders, owner-operators, and managers – and not just as financial investors. The team’s strong and diverse backgrounds are important in enabling HMC to be an active asset manager – a manager who can identify and implement material, value-add initiatives at portfolio assets during an investment’s hold period. Hands-on, value-add efforts across the portfolio can mean the difference between market returns and creating additional value for investors.

Investment Team

Claude H. Estes
Head of Infrastructure and Senior Managing Director

Mr. Estes is Head of Infrastructure and a Senior Managing Director. In this role, he has responsibility for Harbert Infrastructure’s activities including investments, asset management and the overall strategy and expansion of the business. Mr. Estes serves on the Harbert Infrastructure Investment Committee.

Mr. Estes joined HMC in 2015 and has held a variety of investment positions since, most recently serving as Head of Investments of Harbert Infrastructure. Prior to HMC, Mr. Estes worked in the investment banking division of Sterne, Agee & Leach where he participated in M&A and capital markets transactions in the energy, transportation and industrials sectors.

Mr. Estes has a Bachelor of Science in Accounting from Birmingham-Southern College.

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G. Tatum Lassiter
Managing Director, Investments

Tatum Lassiter

Mr. Lassiter is a Managing Director on the investment team involved with development and acquisition for Harbert Infrastructure funds. Before joining HMC, he worked for Edison Mission Energy, responsible for asset management, business development and financing efforts for 16 facilities comprising of 6,000 MW of baseload coal, intermediate gas/oil-fired steam, and peaking units serving Chicago and Northern Illinois. He analyzed expansion opportunities at existing plant sites and coordinated with internal engineering and trading organizations to develop commercial proposals. Prior to Edison Mission Energy, he held a position in business development for Southern Natural Gas (“SONAT”) where he marketed distributed generation opportunities to Local Distribution Companies (“LDCs”) served off the SONAT pipeline. Mr. Lassiter has a Bachelor of Science in Environmental Science and a Master of Business Administration from the University of Alabama.

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Michael T. Leonczyk
Managing Director, Investments

Mr. Leonczyk is a Managing Director on the investment team involved with development and acquisition for Harbert Infrastructure funds. Prior to joining HMC, he served as Director and Head of P3 and Social Infrastructure at Harrison Street. While at Harrison Street, Mr. Leonczyk was responsible with senior leadership for the launch of the firm’s open‐ended infrastructure fund, and he led the firm’s public‐private partnership (P3) and social infrastructure investment efforts including management of strategy, origination, analysis, execution, and performance for the sector. Prior to joining Harrison Street, Mr. Leonczyk served as Chief Investment Officer at a U.S.‐focused P3 development and investment firm. He holds a Bachelor of Arts in Public Policy from the University of North Carolina at Chapel Hill.

J. Russell Martin
Managing Director, Investments

Russell Martin

Mr. Martin is a Managing Director on the investment team involved with development and acquisition for Harbert Infrastructure funds.  Before joining HMC, he served as a commissioned officer in the U.S. Navy where he led 28 men in the operations, maintenance, and repair of all communications equipment and ship mechanical, hydraulic, and climate control systems. He was selected to manage dry-docking evolution, a complex process requiring months-long planning and coordination of over 100 workers and a budget of $10 million. He also directed the operations, maintenance, and repair of mechanical and electrical systems on the ship’s nuclear power. Mr. Martin holds an AB in Engineering Sciences from Dartmouth College and a Master of Business Administration from the University of North Carolina at Chapel Hill.

Joseph G. Schiavo IV
Vice President, Investments

Mr. Schiavo is a Vice President on the Harbert Infrastructure investment team. Before joining HMC in 2022, he served as Vice President in the investment banking group at Wells Fargo focusing on power, utilities, and renewable energy. Prior to Wells Fargo, Mr. Schiavo held positions at Morgan Stanley and IBM. He has a Bachelor of Arts in international studies from Vassar College and a Master of Business Administration and Master of Environmental Science from Yale University.

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Zixu Zhao
Senior Associate, Investments

Mr. Zhao is a Senior Associate on the Harbert Infrastructure investment team.  Before joining HMC, he worked as a project engineer at AECOM, where he primarily focused on the program management of large-scale infrastructure programs.  He is a licensed Professional Engineer (PE) in the State of North Carolina.  Mr. Zhao holds a Bachelor of Science in Engineering from Beijing Institute of Technology, Master of Science in Engineering from University of Michigan and Master of Business Administration from University of Michigan Ross School of Business.

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J. Scott Sturdivant
Associate, Investments

Mr. Sturdivant is an Associate on the Harbert Infrastructure investment team. Before joining HMC in 2022, he worked for a healthcare-focused valuation and consulting firm as an Analyst in their deal advisory group. Prior to that, he served as an Associate at PricewaterhouseCoopers in the capital markets industry group. Mr. Sturdivant has a Bachelor of Science and a Master’s Degree in Accounting from Auburn University.

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H. Clay Taylor
Associate, Investments

Mr. Taylor is an Associate on the Harbert Infrastructure investment team. Before joining HMC in 2022, he served as an Analyst in the investment banking group at Wells Fargo focusing on power, utilities, and renewable energy transactions. Mr. Taylor holds a Bachelor of Business Administration in Finance and Economics from the University of Mississippi.

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Jeffrey W. Moore
Co-Head of Asset Management and Managing Director

Mr. Moore is Head of Asset Management and a Managing Director on the Harbert Infrastructure team. In this role, he has responsibility for the performance and optimization of investments within the Harbert Infrastructure funds. Mr. Moore has 35 years of experience in all aspects of independent power and cogeneration plants. Before joining HMC, Mr. Moore was Vice President, Fossil Operations for PSEG Power, an affiliate of the Public Service Enterprise Group, where he managed the day-to-day operations of the PSEG Power fossil and hydroelectric generation units amounting to over 10,000 MW of capacity. Prior to PSEG Power, he worked in a number of positions for Asea Brown Boveri. Mr. Moore has a Bachelor of Science in Chemical Engineering from Worcester Polytechnic Institute, a Master of Science in Chemical Engineering from the University of Connecticut and a Master of Business Administration from Rensselaer Polytechnic Institute.

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Mark D. Segel
Co-Head of Asset Management and Managing Director

Mr. Segel is a Managing Director and Co-Head of Asset Management on the Harbert Infrastructure team. He has over 30 years of experience in energy infrastructure. Mr. Segel previously served as a Senior Advisor in CPP Investments’ Sustainable Energies and Infrastructure investment verticals. He previously served as a Partner in the Private Equity Group of Ares Management LLC and Co-Head of Ares EIF (the successor to Energy Investors Funds). Prior to Ares, Mr. Segel was Vice President, Finance at ABB Energy Capital (formerly Energy Capital Partners) where he provided project financing for energy efficiency projects. Prior to that, he was Manager of Finance at U.S. Generating Company (formerly J. Makowski Associates) where he structured, closed, and administered project financings for independent power projects. Mr. Segel began his career as an Investment Banking Analyst at Shearson Lehman Hutton Inc. where he worked in the Mergers & Acquisitions and Corporate Finance departments. Mr. Segel has a Bachelor of Arts degree in Economics from Harvard University.

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Daniel J. Muxie
Vice President, Asset Management

Mr. Muxie is a Vice President on the Harbert Infrastructure asset management team. Prior to joining HMC in 2022, he served as a Senior Director and Regional General Manager at NextEra Energy focused on operations of a large renewable portfolio of power generation assets, specifically, wind and solar projects. He has a Bachelor of Science degree in Mechanical Engineering from The Georgia Institute of Technology University and earned a Master of Business Administration degree from Babson College.  

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Kirk T. Stafford
Vice President, Asset Management

Mr. Stafford is a Vice President on the Harbert Infrastructure asset management team. Before joining HMC in 2019, he served as Lead Financial Analyst at Cigna, where he primarily focused on financial planning and analysis. Prior to Cigna, Mr. Stafford held a position as Director of Sales at Interconn Resources, LLC, marketing natural gas across the Southeastern United States. He also served 8 years within the U.S. Joint Special Operations Command as a member of the 75th Ranger Regiment. Mr. Stafford has a Bachelor of Science degree in Finance from Samford University and an MBA from Auburn University.

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Reilly E. Cleal
Vice President, Asset Management

Mr. Cleal is a Vice President on the Harbert Infrastructure asset management team. Prior to joining HMC in 2023, he served as a Director of Asset Management at Brightmark focused on a portfolio of biogas assets. Prior to Brightmark, he worked in commercial and asset management at Copenhagen Infrastructure Service Co., RWE, and Invenergy where he managed the day-to-day operations of utility-scale wind and solar projects. He has a Bachelor of Science degree in Marketing and Entrepreneurship from the University of Arizona and earned a Master of Business Administration from The Kellogg School of Management at Northwestern University.

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Mitchell P. O’Malley
Associate, Asset Management

Mr. O’Malley is an Associate on the Harbert Infrastructure asset management team. Before joining HMC in 2023, he served as a Manager for Diamond Generating’s Asset & Portfolio Management division. Prior to Diamond, Mr. O’Malley held positions at EnLink Midstream and Fluor Corporation. He earned a Bachelor of Science degree in Mechanical Engineering from the University of Texas and earned a Master of Management in Energy degree from Tulane University.

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Lee H. Thompson, III
Director, Portfolio Reporting

Mr. Thompson is Director of Portfolio Reporting for the Harbert Infrastructure team. Prior to joining HMC in 2016, he worked for PricewaterhouseCoopers as a Senior Audit Associate. Mr. Thompson holds a Bachelor and Master of Accountancy from the University of Mississippi and is a Certified Public Accountant.

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Kayla N. Jones
Associate, Portfolio Reporting

Ms. Jones is an Associate of Portfolio Reporting on the Harbert Infrastructure team. Prior to joining HMC in 2021, she served as a Financial Analyst in the Controlling function for Brose, focusing on financial reporting and analysis.  Ms. Jones holds a Bachelor of Science degree in Finance from the University of Alabama and an MBA from Louisiana State University, Shreveport.

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Julie C. Benz
Executive Assistant

Ms. Benz is an Executive Assistant on the Harbert Infrastructure team. Before joining HMC in 2023, she served as an Executive Assistant at Landing. Prior to Landing, Julie served as Director of Operations at the Alabama Opportunity Scholarship Fund. She holds a Bachelor of Arts degree in English from Birmingham-Southern College and a Master of Arts in Creative Writing and Publishing from City, University of London.

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Patrick E. Molony
Chairman of the Investment Committee and Senior Advisor

Pat Molony

Mr. Molony is Chairman of the Investment Committee and a Senior Advisor to the Harbert Infrastructure team. Most recently, he served as President of the Harbert Infrastructure team, a position he assumed in January 2014. As President, Mr. Molony was responsible for all Harbert Infrastructure activities including portfolio asset development, acquisition, and management. Earlier, Mr. Molony served in a variety of project management and development capacities for Harbert Corporation and Harbert Construction Company. He was involved in all of Harbert Corporation’s power assets, and previously served as co-head of all of HMC’s infrastructure funds. Prior to joining Harbert, he held management positions with Brown and Root, Inc. Mr. Molony has a Bachelor of Science degree in Economics from Auburn University.

Duane H. Nelsen
Technical Advisor

Mr. Nelsen is a Technical Advisor on the Harbert Infrastructure team.  He has forty years of experience in the engineering, start-up, operations, and management of a wide range of power plant fuels and technologies, including natural gas, petroleum coke, residual fuel oil, geothermal, biomass, coal, and nuclear.   Mr. Nelsen previously served as President and Chief Executive Officer of Harbert affiliates GWF Power Systems and GWF Energy. He was responsible for a 655 MW power portfolio based in northern California.  Mr. Nelsen holds a Bachelor of Science degree in Mechanical Engineering from Iowa State University and an MBA from San Diego State University.

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Ruedi Tobler
General Manager – Kalaeloa Partners

Mr. Tobler has served as Technical Advisor for Harbert Infrastructure for several years and was recently installed as the General Manager of Kalaeloa Partners. He has over 40 years of experience in the engineering, start-up, operations, and management of a wide range of power plants and transmission-line systems across the globe, including the United States, Switzerland, and West Africa. Mr. Tobler previously served as General Manager of Kalaeloa Partners and was responsible for the management and operations of a 208 MW power plant located on Oahu, Hawaii. Mr. Tobler graduated with a degree in Electrical Engineering from the Abendtechnikum St. Gallen (Switzerland) and is a licensed engineer in the state of California.

Investment Criteria

We invest in infrastructure assets with proven technologies, throughout North America. Assets may have contracts to sell their output or they may be well-positioned assets representing value in a good market area. We acquire interests in existing assets, and we seek out new project development opportunities where a project’s economics can support new build cost. A single asset equity investment for our funds will typically be $50-150 million, representing an asset total value of approximately $100-$500 million including project-level debt. Larger investment opportunities will also be considered, and can be executed by utilizing co-investment from our investor partners or through Gulf Pacific Power, our separate account fund with CalPERS which is established to target larger, contracted assets.

ESG Policy

ESG Program Overview and Performance

The Harbert Infrastructure team recognizes the importance of identifying and managing Environmental, Social, and Governance (“ESG”) issues throughout our investment process. We believe positive ESG practices can be important in reducing risk and enhancing value of investments. Environmental performance and compliance, worker safety and welfare, community involvement, and investor representation in the governance of each investment have long been and will continue to be critical factors in the management of and the success of Harbert Infrastructure’s investments.

Systematic Approach to Sustainability & ESG showing the six step approach to sustainability and ESG, ending in Exit

Harbert Infrastructure’s policy is to review the ESG factors for each potential investment and to consider the potential impact of ESG factors when making investment decisions.  For each investment made, we will regularly monitor and report on ESG factors, and where appropriate, work to mitigate risks imposed by ESG factors. Since the program’s inception in 2015, Harbert Infrastructure has participated in the Global Real Estate Sustainability Benchmark (“GRESB”), a leading organization for assessing and benchmarking ESG performance for real estate and infrastructure investments globally.

2022 GRESB Asset Highlights

  • Gulf Pacific Power Ranked #2 Americas Diversified Private Equity Fund
  • Desert Sunlight – Ranked #1 U.S. Solar PV Power Generation Asset and achieved GRESB Five Star Status, reserved for the top 20% of participants
  • Rocky Caney – Ranked #1 U.S. On-Shore Wind Power Generation Asset and achieved GRESB Five Star Status
  • Gulf Plains Wind – Ranked #2 U.S. On-Shore Wind Power Generation Asset and achieved GRESB Five Star Status
  • GRESB Average Score – Harbert Infrastructure-managed assets achieved a combined average score of 92%, 6% increase over 2021 (86%)

2022 GRESB Asset Rankings

  • Desert Sunlight – 5 Stars
  • Rocky Caney – 5 Stars
  • Gulf Plains Wind – 5 Stars
  • Washington – 4 Stars
  • NSG Portfolio* – 4 Stars
  • Astoria Energy I – 3 Stars
  • Astoria Energy II – 3 Stars
  • Gulf Pacific Power – 4 Stars

 

*Northern Star Generation consists of five individually reported assets submitted in the 2022 GRESB assessment, with each asset achieving Four Star Status.

Note: GRESB is a mission-driven and investor-led organization providing standardized and validated ESG data to the capital markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world. GRESB coverage for infrastructure includes more than 540 infrastructure portfolios and assets.

Portfolio

Current Portfolio

Harbert Infrastructure Fund VI, LP

GENERATE CAPITAL, PBC
GENERATE CAPITAL, PBC
Distributed infrastructure platform
D.E. SHAW RENEWABLE INVESTMENTS
D.E. SHAW RENEWABLE INVESTMENTS
Preferred instrument
HARBERT SOLAR DEVELOPMENT - SOLD
HARBERT SOLAR DEVELOPMENT - SOLD
Development of photovoltaic solar projects primarily in the Southeast U.S.
MIDSTREAM CREDIT INVESTMENT - SOLD
MIDSTREAM CREDIT INVESTMENT - SOLD
Portfolio of publicly traded preferred securities

Harbert Power Fund V, LLC

WESTERN GENERATION PARTNERS - SOLD
WESTERN GENERATION PARTNERS - SOLD
1,502 MW portfolio of 12 thermal power plants in California, New Mexico, Texas, Connecticut and Trinidad
CALHOUN POWER - SOLD
CALHOUN POWER - SOLD
672 MW dual-fuel, simple cycle plant in Eastaboga, Alabama
ASTORIA ENERGY - SOLD
ASTORIA ENERGY - SOLD
575 MW gas-fired, combined cycle plant in Queens, New York
NORTHERN STAR GENERATION
NORTHERN STAR GENERATION
1,052 MW portfolio of five thermal power plants in Florida and Nevada
KALAELOA
KALAELOA
208 MW oil-fired cogeneration plant in Oahu, Hawaii

Harbert Power Fund IV, LLC

GWF ENERGY – SOLD
GWF ENERGY – SOLD
530 MW portfolio of gas-fired plants in California

Harbert Power Fund III, LLC

YORK ENERGY CENTRE - SOLD
YORK ENERGY CENTRE - SOLD
400 MW gas-fired, simple cycle plant in King, Ontario
ASTORIA ENERGY I & II - SOLD
ASTORIA ENERGY I & II - SOLD
1,150 MW gas-fired, combined cycle plants in Queens, New York
SIDNEY A. MURRAY - SOLD
SIDNEY A. MURRAY - SOLD
192 MW run-of-river hydroelectric plant in Vidalia, Louisiana
GWF ENERGY - SOLD
GWF ENERGY - SOLD
530 MW portfolio of gas-fired plants in California
LONGVIEW POWER - SOLD
LONGVIEW POWER - SOLD
695 MW coal-fired plant in Maidsville, West Virginia
WOOD PELLET FACILITY – SOLD
WOOD PELLET FACILITY – SOLD
Wood pellet manufacturing facility in Selma, Alabama

Harbinger Independent Power Fund II, LLC

GWF ENERGY – SOLD
GWF ENERGY – SOLD
530 MW portfolio of gas-fired plants in California
FLUVANNA – SOLD
FLUVANNA – SOLD
885 MW gas-fired, combined cycle plant in Fluvanna County, Virginia
FREEPORT – SOLD
FREEPORT – SOLD
47 MW dual-fuel, simple cycle plant in Freeport, New York
PINELAWN – SOLD
PINELAWN – SOLD
80 MW dual-fuel, combined cycle plant in Babylon, New York

Harbinger Independent Power Fund I, LLC

KALAELOA – SOLD
KALAELOA – SOLD
208 MW oil-fired cogeneration plant in Oahu, Hawaii
LOCKPORT – SOLD
LOCKPORT – SOLD
200 MW gas-fired, combined cycle plant in Lockport, New York
PARIS – SOLD
PARIS – SOLD
225 MW gas-fired, combined cycle plant in Paris, Texas
LYONSDALE – SOLD
LYONSDALE – SOLD
19 MW wood-fired plant in Lyonsdale, New York
SODA LAKE - SOLD
SODA LAKE - SOLD
14 MW geothermal plant in Fallon, Nevada

Gulf Pacific Power, LLC

ASTORIA ENERGY II
ASTORIA ENERGY II
575 MW gas-fired, combined cycle plant in Queens, New York
NORTHERN STAR GENERATION
NORTHERN STAR GENERATION
1,052 MW portfolio of five thermal power plants in Florida and Nevada
DESERT SUNLIGHT
DESERT SUNLIGHT
550 MW solar photovoltaic farm in Riverside County, California
ROCKY CANEY
ROCKY CANEY
349 MW portfolio of two wind farms in Kansas and Oklahoma
WASHINGTON COUNTY
WASHINGTON COUNTY
632 MW gas-fired, simple cycle plant in Linton, Georgia
GULF PLAINS WIND
GULF PLAINS WIND
785 MW portfolio of four wind farms in Oklahoma and Minnesota
SANDERSVILLE
SANDERSVILLE
600 MW gas-fired, simple cycle plant in Warthen, Georgia
D.E. SHAW RENEWABLE INVESTMENTS
D.E. SHAW RENEWABLE INVESTMENTS
Preferred instrument

Gotham Power Investors, LLC

ASTORIA ENERGY I & II
ASTORIA ENERGY I & II
1,150 MW gas-fired, combined cycle plants in Queens, New York

Golden Swag, LLC

GENERATE CAPITAL, PBC
GENERATE CAPITAL, PBC
Distributed infrastructure platform
TEXAS MICROGRID
TEXAS MICROGRID
231 MW of distributed, natural gas generation in Texas

Harbert Cogen, Inc. Portfolio (Managed Assets)

BRIDGEWATER – SOLD
BRIDGEWATER – SOLD
17 MW wood-fired plant in Bridgewater, New Hampshire
TRACY – SOLD
TRACY – SOLD
20 MW wood-waste plant in Tracy, California
GWF POWER SYSTEMS, I-V AND HANFORD – RETIRED
GWF POWER SYSTEMS, I-V AND HANFORD – RETIRED
117 MW portfolio of petroleum coke-fired plants in California
News
Contact
HARBERT INFRASTRUCTURE

2100 Third Avenue North, Suite 600
Birmingham, AL 35203

Contact:
Lee Thompson
lthompson@harbert.net
205.987.5552

Kayla Jones
kjones@harbert.net
205.987.5620