One North Lexington Avenue
White Plains, NY 10601
Tel: (914) 421-4900 | Fax: (914) 421-0052

January 9, 2020

Fortistar Welcomes SDCL Energy Efficiency Income Trust as a Co-Investor in Primary Energy

Fortistar, a sustainability-focused private energy investment and operating company helping to facilitate the transition to a carbon-free economy, along with its partners have entered into an agreement to sell 50% of the shares of Primary Energy to SDCL Energy Efficiency Income Trust (SEEIT). Primary Energy Recycling has a 298 MW portfolio of waste heat to power (WHP) and combined heat and power (CHP) plants located at two of the most efficient steel mills in North America belonging to ArcelorMittal S.A. and United States Steel Corporation, selling discounted electrical and thermal energy to the mills under long-term stable contractual arrangements. The transaction is expected to close in the first quarter of 2020 and Fortistar will continue to manage the company.

By generating heat and power in a combined process through the use of waste heat, Primary Energy’s cogeneration systems significantly reduce industrial customers’ energy cost and greenhouse gas emissions as compared to buying power off of the grid and producing steam with boilers. The efficiency levels of the company’s industrial cogeneration technologies are between 60 to 80 percent (compared to~45 percent for separate generation), depending on the size and type of system.

“Primary Energy has an outstanding track record of safe and reliable operations as result of the significant investments over the last five years that has increased output from its facilities,” said Mark Comora, President of Fortistar. “Using waste heat as fuel and cogenerating power and steam are the cheapest and most reliable sources of sustainable and renewable energy. In fact, Primary Energy’s portfolio has the same green attributes as a 536 MW solar farm or a 374 MW wind farm and Primary Energy’s plants provide dependable, baseload energy around the clock compared to the intermittent nature of solar and wind alternatives. I’m very pleased that SEEIT is joining us at this time when the company is well-positioned for growth.”

“Primary Energy has an excellent reputation for identifying and then executing upon CHP and WHP strategies that make energy-intensive companies more competitive,” said Mo Klefeker, CEO of Primary Energy. “By reducing industrial customers’ energy costs and emissions, Primary Energy is delivering sustainable bottom-line results for its customers. I look forward to continue working closely with Fortistar and now SEEIT to grow the business.”

BofA Securities, acting as lead, and Macquarie Capital served as financial advisors and Sheppard, Mullin, Richter & Hampton LLP acted as legal advisors to Primary Energy.

About Fortistar

Founded in 1993, Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges. Fortistar utilizes its capital, flexibility and operating expertise to grow high-performing assets, first in independent power projects and now into other areas that support decarbonization. As a team, Fortistar has led financings raising over $3.5 billion in capital for companies and projects in the energy, transportation and industrial sectors. For more information about Fortistar or its portfolio companies, please visit:  and follow the company on LinkedIn.

Media Contact: Caleigh Bourgeois (513) 675-7466