HMC Affiliates Gulf Pacific Power, LLC and Harbert Power Fund V, LLC to Acquire 50% Interest in Northern Star Generation

Harbert Management Corporation ("HMC") is pleased to announce that two of its
affiliate investment funds, Gulf Pacific Power, LLC ("GPP") and Harbert Power
Fund V, LLC ("HPF V"), have entered into a definitive agreement with Ontario
Teachers' Pension Plan Board to acquire a 50% ownership interest in Northern
Star Generation LLC ("NSG"). The acquisition is being made through GulfSun Power
Holdings, LLC, a special purpose acquisition vehicle formed by GPP and HPF V.
Based in Houston, Texas, NSG owns or has beneficial equity interest in eight
electric generation facilities with a combined net capacity of approximately
1,235MW. The eight facilities are located in Florida, Nevada, Pennsylvania, and
California.


The GPP and HPF V funds were formed to make equity investments in North American
power assets utilizing complementary strategies. GPP, backed by commitments from
the California Public Employees' Retirement System ("CalPERS") and HMC
affiliates, recently acquired ownership interests in Astoria Energy II LLC, a
550 MW combined cycle power plant in New York City. NSG represents the second
investment for HPF V.


"NSG is a proven, well-managed portfolio of contracted independent power
assets," a spokesman for HMC said. "We look forward to our involvement in the
NSG portfolio and we continue to be enthusiastic about future opportunities for
both GPP and HPF V."


RBC Capital Markets acted as exclusive financial advisor. Balch & Bingham and
Latham & Watkins acted as legal counsel to GPP and HPF V. 


HMC, an alternative asset management firm with approximately $3.4 billion in
assets under management as of April 1, 2014, is a privately owned firm formed in
1993 to sponsor alternative asset investment funds. HMC serves foundations and
endowments, fund of funds, pension funds, financial institutions, insurance
companies, family offices, and high net worth individuals across multiple asset
classes. Investment strategies include European and US real estate, venture
capital, mezzanine debt, independent power, US and Australian private equity,
and public securities. Additional information about HMC can be found at
www.harbert.net.



FOR FURTHER INFORMATION PLEASE CONTACT: 

Harbert Management Corporation
Corporate Headquarters
2100 Third Avenue North, Suite 600
Birmingham, Alabama 35203
[phone]
[e-mail]
www.harbert.net