Partners Group, a Denver-based private equity firm, agreed to acquire PowerTransitions from EnCap Investments. (Source: Shutterstock)
Partners Group, a Denver-based private equity firm, agreed to acquire PowerTransitions from EnCap Investments, according to a June 4 press release.
While the value of the transaction was not disclosed, Partners Group said it plans to invest over $450 million of capital in the combined company.
PowerTransitions acquires and redevelops legacy or retiring thermal power assets with existing grid connections.
Partners Group has plans to work with the PowerTransitions team to add co-located renewables and energy storage systems across the seed portfolio, acquire additional thermal power assets and commercialize co-located renewables and thermal assets as a bundle or as standalone projects, Partners Group said.
PowerTransitions will purchase a 226-megawatt seed portfolio of natural gas plants at the same time as Partners Group’s investment.
The company said it also identified a 3-gigawatt pipeline of thermal power assets in “constrained” markets across the U.S.
“This strategy addresses major roadblocks hindering the matching of rising power demand in the U.S. with clean, reliable, and economic power supply,” said PowerTransitions CEO Sean Long. “We believe aged or retired thermal and industrial sites represent a large, underutilized pool of assets with significant value creation potential and we have identified a robust pipeline of actionable near-term M&A opportunities.”
Partners Group was advised by Davis Polk & Wardwell on the transaction.
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