Tag Archives: Energy

Soltech Energy acquires Sesol, gains Nordic Capital as largest shareholder and presents preliminary figures for April and May

Nordic Capital

As part of the ongoing consolidation of the solar energy industry, Soltech Energy Sweden AB (publ) (“Soltech” or the “Group”) has signed an agreement to acquire 100 percent of the shares in the solar energy company Sesol Group AB (“Sesol”) from Nordic Capital. The purchase price will be paid with newly issued shares in Soltech, which means that Nordic Capital will own approximately 30 percent of the shares in Soltech after the transaction and Nordic Capital will thus become the largest shareholder in Soltech. The acquisition is subject to regulatory approvals and resolutions by an Extraordinary General Meeting in Soltech.

For the full press release, see  https://soltechenergy.com/en/mfn_news/soltech-energy-acquires-sesol-gains-nordic-capital-as-largest-shareholder-and-presents-preliminary-figures-for-april-and-may/

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Rehlko Reaches Agreement to Sell Curtis Instruments to Parker Hannifin

Platinum

Transaction supports long-term growth for both organizations

MILWAUKEE, Wis – June 30, 2025: Rehlko, a global leader in energy resilience, announced today that it has reached a definitive agreement to transition ownership of its Curtis Instruments business to Parker Hannifin Corporation, the global leader in motion and control technologies, for approximately $1 billion in cash. The transaction, which is expected to close by the end of calendar year 2025, reflects Rehlko’s strategic focus on strengthening its core enterprise capabilities and commitment to delivering industry leading energy resilience solutions for our customers.

“Rehlko is proud of the legacy and performance of Curtis as a high-performing, innovation-driven business,” said Brian Melka, President and Chief Executive Officer of Rehlko. “Parker is an exceptional company and we are confident Curtis will thrive from Parker’s increased scale, focus, and investment.”

Rehlko’s decision to transition Curtis aligns with its disciplined portfolio management approach. The move positions both Rehlko and Curtis to pursue independent growth strategies, focused on accelerating innovation and expanding customer impact. Rehlko was acquired by Platinum Equity in 2024.

“We have great respect for Curtis, its leadership team and its innovative products, and we are confident that Parker Hannifin is the right home for the business going forward. Divesting Curtis allows Rehlko to more intensely focus on its core mission to deliver energy resiliency solutions for its customers.”

Jacob Kotzubei, Co-President and Matthew Louie, Managing Director, Platinum Equity

“This transaction is aligned with the long-term electrification secular trend and meets our disciplined financial criteria for acquisitions designed to create shareholder value,” said Jenny Parmentier, Chairman and Chief Executive Officer of Parker. “Curtis adds complementary technologies to our existing industrial electrification platform, better positioning us to serve our customers as they continue the adoption of more electric and hybrid solutions. Rehlko and Platinum Equity have been good stewards of the business and great partners throughout this process. We anticipate a smooth closing and look forward to welcoming the Curtis team.”

Platinum Equity praised the deal and said it’s part of an ongoing strategic process to optimize Rehlko’s portfolio that also includes expected investments in buy-side M&A.

“We have great respect for Curtis, its leadership team and its innovative products, and we are confident that Parker Hannifin is the right home for the business going forward,” said Platinum Equity Co-President Jacob Kotzubei and Managing Director Matthew Louie in a joint statement. “Divesting Curtis allows Rehlko to more intensely focus on its core mission to deliver energy resiliency solutions for its customers. We are working with Rehlko’s CEO Brian Melka and the leadership team to pursue both organic and inorganic growth opportunities that will expand Rehlko’s reach, enhance its capabilities, and reinforce its position as a leader in mission-critical power solutions.”

Until the transaction closes, Curtis will continue to operate as part of Rehlko, with both companies focused on delivering the same high-quality products, services, and support that has defined its market-leading position for over six decades.

BofA Securities, Inc. and Goldman Sachs & Co. LLC are serving as financial advisors and Gibson Dunn & Crutcher LLP is serving as legal counsel to Rehlko. Guggenheim Securities, LLC is serving as financial advisor, Jones Day is serving as principal deal counsel, and Eversheds Sutherland is serving as European legal counsel to Parker.

About Rehlko

A global leader in energy resilience, Rehlko delivers innovative energy solutions critical to sustain and improve life across home energy, industrial energy systems, and powertrain technologies, by delivering control, resilience and innovation. Leveraging the strength of its portfolio of businesses – Power Systems, Home Energy, Uninterruptible Power, Clarke Energy, Curtis Instruments, and Engines, and more than a century of industry leadership, Rehlko builds resilience where and when the grid cannot, and goes beyond functional, individual recovery to create better lives and communities, and a more durable and reliable energy future.

About Parker Hannifin

Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 69 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

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Woodside Completes Louisiana LNG Sell-Down to Stonepeak

Stonepeak

Woodside is pleased to announce the completion of the sell-down of a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak, a leading global investment firm specialising in infrastructure and real assets.

The completion follows Woodside’s announcement on 7 April 2025 that it had signed an agreement with Stonepeak, enhancing Louisiana LNG economics and strengthening Woodside’s near-term capacity for shareholder returns.1

Under the transaction, Stonepeak will provide US$5.7 billion towards the expected capital expenditure for the foundation development of Louisiana LNG on an accelerated basis, contributing 75% of project capital expenditure in both 2025 and 2026.

The closing payment of approximately US$1.9 billion received by Woodside reflects Stonepeak’s 75% share of capex funding incurred since the effective date of 1 January 2025.

Woodside CEO Meg O’Neill said Stonepeak would add further value to the Louisiana LNG Project.

“Our partnership with Stonepeak reflects the attractiveness of Louisiana LNG and was a key milestone towards achieving a successful final investment decision. Stonepeak is a high-quality partner, with extensive investment experience across US gas and LNG infrastructure.

“The accelerated capital contribution from Stonepeak enhances Louisiana LNG project returns and strengthens our capacity for shareholder returns ahead of first cargo from the Scarborough Energy Project in Western Australia, targeted for the second half of 2026.

“This transaction underscores Woodside’s commitment to delivering value to its shareholders and highlights the strategic importance of the Louisiana LNG project in the global energy landscape.

Stonepeak Senior Managing Director and Head of US Private Equity James Wyper said the company was pleased to be working with Woodside.

“Louisiana LNG will be a timely and strategic addition to the US LNG export landscape as the world’s
demand for cleaner, more flexible and more affordable energy continues to grow.

“We look forward to contributing our expertise and capital to the construction and future operation of Louisiana LNG and are highly energised to continue supporting the development of critical North American LNG infrastructure with global impact.”

About Stonepeak

Stonepeak is a leading alternative investment firm specialising in infrastructure and real assets with approximately US$73 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns.

Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, DC, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Louisiana LNG

Louisiana LNG is a fully permitted LNG project located near Lake Charles, Louisiana, with total permitted capacity of 27.6 million tonnes per annum (Mtpa) across five trains.

The approved foundation project includes three trains with a combined capacity of 16.5 Mtpa and achieved a successful final investment decision in April 2025.

Bechtel is the engineering, procurement and construction contractor, under a lump sum, turnkey agreement. The facility utilises the Chart IPSMR® liquefaction technology and Baker Hughes LM6000PF+ gas turbines.

Woodside Contacts

Investors
Sarah Peyman
M: +61 457 513 249
E: investor@woodside.com

Media
Dan Pagoda
M: +61 482 675 731
E: dan.pagoda@woodside.com

Stonepeak Contacts

Media
Kate Beers /
Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

1 See “Woodside announces Louisiana LNG partnership with Stonepeak” announced on 7 April 2025 for details.

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Diversified Energy and Carlyle Enter Strategic Partnership to Invest in Up to $2 Billion of PDP Energy Assets

Carlyle

BIRMINGHAM, AL and NEW YORK, NY – June 23, 2025 – Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified,” or “DEC”), a leading publicly traded natural gas and liquids production company, and global investment firm Carlyle (NASDAQ: CG) have today announced a strategic partnership to invest in up to $2 billion in existing proved developed producing (PDP) natural gas and oil assets across the United States.

This exclusive partnership will combine Carlyle’s deep credit and structuring expertise, led by Carlyle’s asset-backed finance (ABF) team, with Diversified’s market-leading operating capabilities and differentiated business model of acquiring and optimizing portfolios of existing long-life oil and gas assets to generate reliable production and consistent cash flow.

The partnership enhances Diversified’s access to capital in an attractive acquisition market. Under the terms of the agreement, Diversified will serve as the operator and servicer of the newly acquired assets. As investments occur, Carlyle intends to pursue opportunities to securitize these assets, seeking to unlock long-term, resilient financing for this critical segment of the nation’s energy infrastructure.

“We are excited to partner with Carlyle, a leader in the asset-backed finance space. This arrangement significantly enhances our ability to pursue and scale strategic acquisitions in what we believe is a highly compelling environment for PDP asset consolidation,” said Rusty Hutson, Jr., CEO of Diversified Energy. “We continue to see a robust pipeline of opportunities and the growing need for operational scale and efficiency. With Carlyle’s support, we are well-positioned to capitalize on these trends while aiming to generate sustainable cash flow and value for our shareholders.”

“Diversified is a leading operator of long-life energy assets and a pioneer in bringing PDP securitizations to institutional markets,” said Akhil Bansal, Head of Asset-Backed Finance at Carlyle. “We are excited to bring institutional capital to high-quality, cash-yielding energy assets that are core to US domestic energy production and energy security. This partnership underscores Carlyle’s ability to originate differentiated investment opportunities through proprietary sourcing channels and seek access to stable, yield-oriented energy exposure.”

Carlyle Asset-Backed Finance (“Carlyle ABF”) is a group within Carlyle’s Global Credit platform focused on private fixed income and asset-backed investments. The highly experienced team leverages the knowledge, sourcing, structuring, and breadth of the entire Carlyle investment platform to help deliver tailored asset-focused financing solutions to businesses, specialty finance companies, banks, asset managers, and other originators and owners of diversified pools of assets. Carlyle ABF has deployed approximately $8 billion since 2021 and has approximately $9 billion in assets under management as of March 31, 2025.

About Diversified Energy Company PLC

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group

Media Contacts

Diversified Energy Company PLC

Doug Kris

Senior Vice President, Investor Relations & Corporate Communications

(973) 856 2757

dkris@dgoc.com

 

Carlyle

Kristen Ashton

Corporate Communications

(212) 813-4763

Kristen.ashton@carlyle.com

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KKR Acquires Leading Australian Independent Power Producer Zenith Energy

KKR

ransaction marks latest infrastructure investment in ANZ and renewable energy investment in APAC

SYDNEY–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the signing of definitive agreements to acquire Zenith Energy (“Zenith” or the “Company”), a leading independent power producer (“IPP”), from a consortium including Pacific Equity Partners, OPSEU Pension Trust (“OPTrust”), and Foresight Group (together the “Consortium”), with Zenith’s founder and management retaining a minority stake. KKR’s investment will position Zenith well for continued long-term growth on the back of favorable sector fundamentals and macro tailwinds.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250615023296/en/

Zenith specialises in the delivery of sustainable and reliable hybrid power solutions for remote, off-grid resource sector clients and urban microgrids for commercial, industrial, and residential precincts. Zenith provides an essential service for Australia’s large off-grid mining industry and the Company has established a strong track record over its 18-year operating history. Today, the Company has more than 710MW contracted capacity across ~15 sites, secured under long-term contracts.

Andrew Jennings, Managing Director and Head of Australia & New Zealand (ANZ) Infrastructure, KKR, said, “Zenith’s position at the forefront of the energy transition, coupled with its long-term relationships with strategic, high-quality counterparties, make it an ideal investment for our Asia Pacific infrastructure platform. Zenith has established itself as one of the clear leaders in deploying and managing hybrid power solutions in Australia, a priority market for KKR in Asia Pacific. We look forward to supporting Zenith and its management team over the next stage of growth and helping them capitalise on the significant opportunity for off-grid renewable power.”

Zenith’s CEO and Managing Director, Hamish Moffat, said: “We are excited by the opportunity presented by KKR’s investment in the company and its strategy, which is a strong validation of Zenith’s capabilities and competitive edge. The investment by KKR will accelerate our growth and ability to service large scale projects with a broad capital base. There are significant and immediate opportunities inherent in the decarbonisation of Australia’s mining sector, which Zenith is uniquely positioned to deliver via large-scale, high penetration, hybrid power projects. Today’s announcement positions the company to continue providing our distinct value proposition via these unique remote energy solutions to our existing clients, while enabling us to pursue a robust pipeline of new opportunities as Australia’s mining sector intensifies its decarbonisation efforts.”

The announcement follows Zenith’s completion of a A$1.9 billion refinancing and upsizing of its existing bank debt facilities, with the increased limit providing the company with more than A$1 billion of growth capital from several lenders to support the development of new projects. A portion of this includes green loan facilities, underscoring Zenith’s commitment to the energy transition of Australia’s resource sector by delivering renewable power technologies and lower emissions solutions for mine site energy supplies.

KKR is making this investment from its Asia Pacific Infrastructure Investors II Fund. KKR has a long track-record investing in the renewables sector and energy transition thematic. Past investments in the renewables sector in Asia Pacific include Spark Infrastructure, which owns high-quality, regulated electricity networks across Australia; Virescent Renewable Energy Trust, a renewable energy platform in India; Hero Future Energies, a global renewable energy company; First Gen, a provider of clean and renewable power in the Philippines; and Aster Renewable Energy, a renewables platform in Taiwan. KKR’s Asia Pacific infrastructure platform has grown to approximately US$13 billion in assets under management since it was established in 2019.

The transaction is expected to close in late 2025, subject to customary regulatory approvals.

About Zenith Energy

Zenith Energy is Australia’s leading IPP with a portfolio of grid-connected and islanded remote microgrids throughout Western Australia and the Northern Territory. Zenith Energy is Australia’s largest IPP (by total contracted capacity in the mining and property sectors) and has a contracted capacity of approximately 700MW. The company operates a Build – Own – Operate model and integrates a complete range of renewable and thermal energy generation with innovative technologies to deliver cost-effective and reliable, sustainable energy power solutions.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contacts

For KKR:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

James Strong
+61 (0)448 881 174
james.strong@sodali.com

For Zenith Energy:
Caroline Stanley
+61 402 170 901
cstanley@gracosway.com.au

Source: KKR

 

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Proxima Fusion raises €130M Series A to build world’s first stellarator-based fusion power plant in the 2030s

Balderton

Europe’s fastest-growing fusion company unlocks funding to advance commercial fusion technology and secure energy resilience for the continent.

Proxima Fusion, Europe’s fastest-growing fusion energy company, today announced the close of its €130 million ($150 million) Series A financing — the largest private fusion investment round in Europe. The Series A financing was co-led by Cherry Ventures and Balderton Capital, with participation from several other strategic investors.

This brings Proxima Fusion’s total funding to more than €185 million ($200 million) in private and public capital, accelerating its mission to build the world’s first commercial fusion power plant based on a stellarator design.

Fusion has become a real, strategic opportunity to shift global energy dependence from natural resources to technological leadership. Proxima is perfectly positioned to harness that momentum by uniting a spectacular engineering and manufacturing team with world-leading research institutions, accelerating the path toward bringing the first European fusion power plant online in the next decade.

Francesco SciortinoCEO and co-founder, Proxima Fusion

Proxima was founded in April 2023 as a spin-out from the Max Planck Institute for Plasma Physics (IPP), with which it continues to work closely in a public-private partnership to lead Europe into a new era of clean energy. The EU, as well as national governments including Germany, UK, France and Italy, increasingly recognise fusion as a generational technology essential for energy sovereignty, industrial competitiveness, and carbon-neutral economic growth.

By building on Europe’s long-standing public fusion investment and industrial supply chains, Proxima Fusion is laying the groundwork for a new high-tech energy industry—one that transforms the continent from a leader in fusion research to a global powerhouse in fusion deployment.

Proxima is taking a simulation-driven approach to engineering that leverages advanced computing and high-temperature superconducting (HTS) technology to build on the groundbreaking results of the IPP’s Wendelstein 7-X stellarator experiment.

Just earlier this year, together with the IPP, KIT and other partners, Proxima unveiled Stellaris. As the first peer-reviewed stellarator concept to integrate physics, engineering, and maintenance considerations from the outset, Stellaris has been widely recognized as a major breakthrough for the fusion industry, advancing the case for quasi-isodynamic (QI) stellarators as the most promising pathway to a commercial fusion power plant.

Stellarators aren’t just the most technologically viable approach to fusion energy—they’re the power plants of the future, capable of leading Europe into a new era of clean energy. Proxima has firmly secured its position as the leading European contender in the global race to commercial fusion. We are thrilled to partner with Proxima’s game-changing team of engineers, alongside Europe’s top manufacturers, to build a company that will be transformational for Europe.

Daniel WaterhousePartner, Balderton

With this new funding, the company will complete its Stellarator Model Coil (SMC) in 2027, a major hardware demonstration that will de-risk high-temperature superconductor (HTS) technology for stellarators and stimulate European HTS innovation. Proxima will also finalize a site for Alpha, its demonstration stellarator, for which it is in talks with several European governments already. Alpha is scheduled to begin operations in 2031, and is the key step to demonstrating Q>1 (net energy gain) and moving towards a first-of-a-kind fusion power plant. The company will continue to grow its 80+-strong team across three offices: at the headquarters in Munich, at the Paul Scherrer Institute near Zurich (Switzerland), and at the Culham fusion campus near Oxford (UK).

Fusion energy is entering a new era—moving from lab-based science to industrial-scale engineering. This investment validates our approach and gives us the resources to deliver hardware that is essential to make clean fusion power a reality.

Dr Francesco SciortinoCEO & co-founder, Proxima Fusion

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AEP Closes on Transmission Investment Strategic Partnership with KKR and PSP Investments

KKR
  • KKR and PSP Investments have jointly acquired a 19.9% equity interest investment in AEP’s Ohio and Indiana Michigan transmission companies.
  • The transaction proceeds will be used to support AEP’s five-year, $54 billion capital plan.

COLUMBUS, Ohio, June 5, 2025 /PRNewswire/ — American Electric Power (Nasdaq: AEP), KKR and PSP Investments have completed the transaction announced in January 2025 for KKR and PSP Investments to jointly invest $2.82 billion for a 19.9% equity interest in AEP’s Ohio and Indiana Michigan transmission companies. The 19.9% minority equity interest represents approximately 5% of AEP’s total transmission rate base.

More than 20 gigawatts of new power demand is expected across AEP’s footprint by the end of the decade. In addition, AEP continues to see further interest from almost 600 new and existing customers representing nearly 180 gigawatts of energy demand looking to connect to AEP’s transmission system. This strategic partnership will enable further infrastructure development to support the growth opportunities in AEP’s Indiana, Michigan and Ohio service territories. AEP will continue to operate and maintain these transmission facilities.

“AEP built the nation’s largest transmission grid, and our position as an industry leader in the transmission space enabled us to attract world-class partners like KKR and PSP Investments that have a history of investing in and developing vital infrastructure projects,” said Bill Fehrman, AEP president and chief executive officer. “Our customers and communities will benefit from the initial investment, which supports the execution of our five-year, $54 billion capital plan, and this strategic partnership will facilitate ongoing investment in the critical infrastructure needed to support our customers and enhance reliability in Indiana, Michigan and Ohio.”

“We are honored that AEP has entrusted us to support their efforts to modernize their transmission systems in order to better meet increased customer demand and further enhance grid reliability,” said Kathleen Lawler, managing director, KKR. “We look forward to working closely alongside PSP Investments to bolster AEP’s commitment to providing communities with reliable, affordable power.”

“PSP Investments is pleased to strategically partner with AEP to support its ambitious growth plan that will reinforce its position as an industry leader in the transmission space,” said Michael Rosenfeld, managing director, Infrastructure Investments, PSP Investments. “We look forward to participating in the development of critical transmission infrastructure in some of AEP’s fastest-growing service territories and are excited to embark on this journey alongside KKR.”

About AEP
Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers’ lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation’s largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

SOURCE American Electric Power

 

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AEP Closes on Transmission Investment Strategic Partnership with KKR and PSP Investments

KKR
  • KKR and PSP Investments have jointly acquired a 19.9% equity interest investment in AEP’s Ohio and Indiana Michigan transmission companies.
  • The transaction proceeds will be used to support AEP’s five-year, $54 billion capital plan.

COLUMBUS, Ohio, June 5, 2025 /PRNewswire/ — American Electric Power (Nasdaq: AEP), KKR and PSP Investments have completed the transaction announced in January 2025 for KKR and PSP Investments to jointly invest $2.82 billion for a 19.9% equity interest in AEP’s Ohio and Indiana Michigan transmission companies. The 19.9% minority equity interest represents approximately 5% of AEP’s total transmission rate base.

More than 20 gigawatts of new power demand is expected across AEP’s footprint by the end of the decade. In addition, AEP continues to see further interest from almost 600 new and existing customers representing nearly 180 gigawatts of energy demand looking to connect to AEP’s transmission system. This strategic partnership will enable further infrastructure development to support the growth opportunities in AEP’s Indiana, Michigan and Ohio service territories. AEP will continue to operate and maintain these transmission facilities.

“AEP built the nation’s largest transmission grid, and our position as an industry leader in the transmission space enabled us to attract world-class partners like KKR and PSP Investments that have a history of investing in and developing vital infrastructure projects,” said Bill Fehrman, AEP president and chief executive officer. “Our customers and communities will benefit from the initial investment, which supports the execution of our five-year, $54 billion capital plan, and this strategic partnership will facilitate ongoing investment in the critical infrastructure needed to support our customers and enhance reliability in Indiana, Michigan and Ohio.”

“We are honored that AEP has entrusted us to support their efforts to modernize their transmission systems in order to better meet increased customer demand and further enhance grid reliability,” said Kathleen Lawler, managing director, KKR. “We look forward to working closely alongside PSP Investments to bolster AEP’s commitment to providing communities with reliable, affordable power.”

“PSP Investments is pleased to strategically partner with AEP to support its ambitious growth plan that will reinforce its position as an industry leader in the transmission space,” said Michael Rosenfeld, managing director, Infrastructure Investments, PSP Investments. “We look forward to participating in the development of critical transmission infrastructure in some of AEP’s fastest-growing service territories and are excited to embark on this journey alongside KKR.”

About AEP
Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers’ lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation’s largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

SOURCE American Electric Power

 

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Ardian signs an exclusive agreement to acquire a majority stake in MasterGrid alongside the Management team

Ardian

Ardian, a world-leading private investment firm, today announces an exclusive agreement to acquire a majority stake in MasterGrid, a leading provider of maintenance services and manufacturer of equipment for critical electrical infrastructure, notably on the most technical high-voltage segment. The Company’s founders and employees will also significantly reinvest alongside Ardian, which will support the Company to accelerate its growth plans worldwide.

Headquartered in Grenoble and historically a business unit of Siemens, MasterGrid was carved out by Siemens to Andera Partners in 2019. Since then, the Group, which was focused on the manufacturing and maintenance of Merlin Gerin installed base of equipment, has successfully diversified its offering and expanded into 11 new countries both through organic and external growths (7 acquisitions realized since 2020).

Today, MasterGrid operates across three main segments: proprietary services and equipment (manufacturing, spare parts and maintenance), services on third party equipment, and engineering & solutions. The Company mainly provides its services and equipment to power generation companies, transmission & distribution system operators, and private connections for industries and infrastructures.

MasterGrid is ideally positioned in a market driven by key megatrends around the sustainable energy transition, ageing infrastructure, and growing electricity needs. These trends are expected to drive further demand from MasterGrid’s customers, enhancing the Company’s long-term growth prospects.

Ardian’s investment will support MasterGrid’s ambitious growth strategy. With its unique technical expertise and long-standing client relationships, the company plans to capitalize on the expected massive investments in the electricity infrastructures, pursue the diversification in new equipment, and further accelerate its international expansion, particularly in Europe and the Middle East.

The completion of the transaction is subject to the opinion of the Group’s employee representative bodies and the approval of the relevant regulatory authorities.

“MasterGrid’s success is a testament to the strength and vision of its management team. Since the carve-out from Siemens in 2019, they have demonstrated exceptional leadership, driving consistent growth and operational excellence. We are proud to support such a talented team and are confident in their ability to lead MasterGrid through its next chapter, as the company continues to capitalize on the opportunities presented by the energy transition.” Maxime Sequier, Managing Director Expansion, Ardian

“We are pleased to become MasterGrid’s new partner and look forward to supporting the Group’s growth journey by leveraging Ardian’s resources, experience and global network, particularly through targeted acquisitions.” Alexis Lavaillote, Managing Director Expansion, Ardian

“We are delighted to welcome Ardian as a majority shareholder to support us in the next stages of our development, both in France and internationally. Through our maintenance and retrofitting activities, we contribute to the growing need for the modernization and expansion of electrical infrastructure, as well as the transition to a decarbonized energy mix. The support of Ardian’s Expansion Team will enable us to accelerate our growth, broaden our geographic footprint, and strengthen our leadership in delivering innovative and sustainable solutions to our clients.” Ludovic Vallon, CEO and Founder, MasterGrid

“At the time of the 2019 carve-out, we shared a clear ambition with the management team: to establish a leading player in the T&D sector—independent, international, and combining customer proximity with high value-added services. This strategy has been very successfully executed, and we are proud to hand over the reins to Ardian and the management team to carry this outstanding journey forward.” Sylvain Charignon, Partner, Andera

List of participants

  • Participants

    • MasterGrid: Ludovic Vallon, Loïc Zangara, Benoît de Turckheim, Sébastien Thomasson
    • Ardian, Expansion: Maxime Sequier, Alexis Lavaillote, Steven Barrois, Hortense de Bray, Remi Guelagli
    • Andera Partners: Sylvain Charignon, Antoine Le Bourgeois, Vincent Bazzocchi, Aurelie Owona

  • Buyer advisors

    • M&A Advisors: Sycomore CF (Tristan Dupont), Natixis Partners (Olivier Dardel, Jerome Vivien), and Investec (Kilian de Gourcuff)
    • M&A Lawyers: Hogan Lovells (Stephane Huten, Arnaud Deparday)
    • Financing Lawyers: Paul Hastings (Olivier Vermeulen, Tereza Courmont)
    • Strategic Due Diligence: Kearney (Nicholas Veg, Sandra Pierrard)
    • Financial Due Diligence: Eight Advisory (Pierre-David Forterre, Alexandre Chapelle)
    • Legal, tax and social Due Diligence: KPMG Avocats (Xavier Houard, Florence Olivier, Albane Eglinger)
    • Insurance Due Diligence: Finaxy (Deborah Hauchemaille)

  • Sellers, company and management advisors

    • M&A Advisors: Amala Partners (Jean-Baptiste Marchand, Alexis Matheron)
    • Management Advisors: Duroc Partners (Alexandre Dejardin, Eleonore Gaulier), Chaouat & Associes (Stephane Chaouat, Alexandre Groult)
    • M&A Lawyers: Volt Associes (Emmanuel Vergnaud)
    • Strategic vendor Due Diligence: Lek (Serge Hovsepian, Benjamin Tuchman)
    • Financial vendor Due Diligence: Alvarez & Marsal (Benoit Bestion)
    • Vendor legal, tax and social: EY Societe d’Avocats (Sophie Allex-Lyoudi, Laure Tatin-Gignoux, Giani Michalon)

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $177bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT MASTERGRID

MasterGrid, an expert in electrical systems supporting the energy transition, manufactures equipment and provides maintenance and renovation services extending the lifecycle of electrical installations. Heir to a prestigious industrial heritage, MasterGrid was created in 2019 following the acquisition of the high-voltage assets of the Merlin Gerin brand. The company has since gone from strength to strength, consolidating its activities in France, diversifying its portfolio of products and services in medium and low voltage and exporting its expertise around the world. Today, MasterGrid brings together nearly 500 employees across 13 sites in France and 11 subsidiaries abroad. In 2024, the company achieved a turnover of over €110 million, 35% of which was generated from international markets.

mastergrid.com

ABOUT ANDERA PARTNERS

Created almost 25 years ago, Andera Partners is a major player in private company investments in France and internationally. Its teams manage over €4.8 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion/Croissance, Andera Co-Invest), sponsorless transactions (Andera Acto) and ecological transition (Andera Infra).
Andera Partners’ mission is to work alongside companies and their managers to support them in achieving strong and sustainable growth. The quality of performance offered to our investors relies on a strong partnership between the entrepreneurs in our portfolio companies and our teams, based on shared values. Performance through collective engagement, the “Power of And”, constitutes Andera Partners’ DNA.
Based in Paris, with offices in Antwerp, Madrid Milan and Munich, Andera Partners counts 120 professionals, of which 74 investment professionals.

anderapartners.com

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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