Appalachia mining firm gets $117M in funding
A mining and gas drilling company announced Tuesday that it has received $117 million in funding to expand its business.
Targe Energy, an Aspinwall, Pa.-based surface coal mining, gas drilling and coal reclamation company, received the bulk of the funding from the New York-based Carlyle/Riverstone Global Energy and Power Fund III, L.P.
Targe operates surface mines in Northern Appalachia.
Carlyle/Riverstone provided $100 million of Targe’s expansion equity; the other $17.5 million came from various minority investors and management. Carlyle/Riverstone is co-owned by Riverstone Holdings LLC and the Carlyle Group. Riverstone conducts buyouts and capital investments in the energy industry. To date, Riverstone has committed $2 billion in energy investments.
The Carlyle Group, based in New York City, is a global private equity firm with $35 billion under management.
According to Targe, the $117 million in new investments will allow the company to expand its coal and waste coal businesses and to drill for coal bed methane in the Appalachian Basin.
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