Tag Archives: Energy

EQT introduces the EQT Transition Infrastructure strategy with the acquisition of energy storage system developer and operator ju:niz Energy

eqt

EQT Transition Infrastructure will build on EQT’s experience in backing climate-related opportunities across strategies and more than 15 years of investing in energy transition-related infrastructure

The strategy will provide capital, as well as industrial, technological, and sustainability expertise to scale businesses and support the transition to a decarbonized and climate-resilient future

ju:niz Energy (or the “Company”), a battery energy storage system developer and operator, will be the strategy’s first highly thematic investment, to be acquired with capital from EQT’s balance sheet

Introducing the EQT Transition Infrastructure strategy
EQT Transition Infrastructure will seek to scale businesses that help enable the transition across industries to clean energy and a more resource-efficient, circular economy. Investing in North America, Europe, and Asia Pacific, the strategy will leverage EQT’s longstanding industrial experience in building businesses and deep sector expertise, and extensive experience across energy & environmental and transport & logistics investments. It will complement the Value-Add and Active Core strategies in EQT’s existing EUR 72 billion1 global infrastructure business. Since its inception over 15 years ago, EQT Infrastructure has invested over EUR 17 billion, including co-investment, in energy transition-related opportunities across 25 platform deals.

The strategy will be led by Jan Vesely, Head of EQT Transition Infrastructure in New York, and Asis Echaniz, Head of EQT Transition Infrastructure Europe in Madrid, and supported by the 130-strong EQT Infrastructure investment team. The strategy will be chaired by Francesco Starace, who joined EQT in 2023 from his position as CEO of Enel, one of the world’s largest energy utility companies and a leader in the sustainable energy transition.

Francesco Starace, Partner and Chair of EQT Transition Infrastructure, noted: “According to the International Energy Agency, technologies available today, combined with policy measures and investment, could deliver more than 80% of the emissions reductions needed by 2030. I’m excited that EQT will be able to expand its access to scaling companies with established transition-related solutions, an area that is additive to our existing infrastructure strategies. We also see this as a milestone to deepen EQT’s partnerships with our clients by offering a variety of complementary propositions addressing the huge investment need to transition to a low-carbon economy.”

Jan Vesely, Partner and Head of EQT Transition Infrastructure, commented: “The pace of technological innovation and a steady reduction in costs, coupled with digitalization and the evolution of AI, continue to drive the need for a transformation of our energy systems and the economy. Against this backdrop, EQT Transition Infrastructure will help emerging but proven solutions and businesses scale, to create the next generation of sustainable energy infrastructure.”

EQT invests in Infrastructure and Private Capital climate-related opportunities from early-stage ventures through scale-up to large buyouts. Through these investments, it aims to help strong companies address environmental challenges by driving their growth, improving their operations, and offering relevant solutions through their products and services. EQT has helped 49 portfolio companies, corresponding to 57% of its invested equity, to validate near-term Science Based Targets.2

ju:niz Energy becomes the first investment of the EQT Transition Infrastructure strategy
Headquartered in Aschheim, Germany, ju:niz Energy develops, builds, and operates utility-scale battery energy storage systems to the latest technical standards. EQT will acquire the Company from its founder, Dr. Franz Hauk.

Increasing reliance on renewable, intermittent energy sources, coupled with rising power demand from the electrification of industries and households, requires solutions to strengthen energy grid stability, including in Germany. As the largest European electricity market with rapidly expanding renewable generation capacity, the country offers significant potential for energy storage infrastructure. In this context, ju:niz Energy is well-positioned to deploy utility-scale battery energy storage systems which help support grid stability and advance decarbonization efforts.

EQT will help ju:niz Energy build on its track record and early-mover advantage to expand its business model and become an independent flexibility provider with increased asset ownership. It will support the business to build on its experience across the entire value chain to scale its development of battery energy storage projects and successfully execute on its sizeable pipeline at various levels of maturity.

Asis Echaniz, Partner and Head of EQT Transition Infrastructure Europe, added: “The introduction of this strategy reinforces EQT’s commitment to investing towards a climate-resilient future. ju:niz Energy is a perfect example of the type of business that EQT Transition Infrastructure will seek to invest in. We believe its innovative technology has strong underlying economics and the potential to help our energy infrastructure become significantly cleaner, more affordable and resilient. We look forward to partnering with the team during the Company’s next stage of growth.”

The transaction is subject to customary conditions and approvals. EQT was advised by UBS (financial), Gibson Dunn & Crutcher and Norton Rose Fulbright (legal) and McKinsey (commercial).

Contact
EQT Press Office, press@eqtpartners.com

1Total AuM as of Q3 2024
2As of Q3 2024

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About ju:niz Energy
ju:niz Energy develops and operates advanced large-scale battery storage systems designed to be both system- and grid-compatible while ensuring economic viability. The company’s value chain encompasses project development — from site acquisition to grid connection, project management — including planning, construction, and commissioning, as well as technical operations, maintenance, and commercial management, which involves coordinating market operations and optimizing system performance. ju:niz Energy’s strength lies in the seamless integration of planning and operations.

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Gimv acquires Groupe Tibbloc, leader in rental of ready-to-use temporary energy solutions and related services, from Ciclad

GIMV

Gimv has acquired a majority stake in the Groupe Tibbloc, alongside its management team and founders. The aim of this transaction is to support the Group’s growth in France in all temporary energy solutions, and to accelerate its international development.

Paris (FR) & Antwerp (BE), December, 4th, 2024, 07:30 AM – Founded in 2007 near Nantes, France, Tibbloc (https://www.tibbloc.fr/) has become the French leader in temporary energy rental solutions (heating, cooling, steam, compressed air and dehumidification). Present in France, Belgium, Austria and Germany, with 11 operating platforms, the Group is characterized by its comprehensive range of services, from project design and specification to logistics and installation. The Group serves a diversified customer base, notably in district heating networks, food processing, industry, pharmaceuticals and the service sector.

In a growing market driven by the increasing use of rental offers, the development of urban energy networks and climate change, Tibbloc is recognized for its technical capabilities, operational excellence and the depth of its product range. Its flexible business model combines multi-specialist sales teams, capable of supporting customers in all aspects of their business by proposing tailor-made solutions, with highly specialized technical teams in charge of project execution throughout France and abroad.

Supported by Ciclad since 2020 and under the impetus of Eric Merilhou and Yann Dauce, respectively CEO and COO of the Group, Tibbloc has become a key player in its market. With sales of over €40 million, driven by solid organic growth, the Group now employs around 120 people. It has also made two strategic acquisitions that have enabled it to broaden its offering and geographical coverage, positioning itself as a consolidation platform in a fragmented European market.

Gimv’s investment, alongside Eric Merilhou, Yann Dauce and the management team, will provide Tibbloc with the financial and professional support it needs to accelerate its development, both in France and internationally, while continuing to invest in expanding its equipment fleet and structuring the Group. Tibbloc plans to strengthen its market position by further expanding its range of services to support its clients in their decarbonization efforts.

This investment will place Tibbloc among the top 10 participations in Gimv’s current portfolio.

Eric Merilhou, CEO of Tibbloc, and Yann Dauce, COO, declare: “We are delighted by the arrival of Gimv as shareholder to pursue our ambitious development strategy, enabling us to strengthen our position and continue innovating to offer ever more efficient and sustainable temporary energy solutions. Gimv has demonstrated a keen understanding of our challenges and how to meet them, and their know-how in terms of structuring will help us to support our growth in France and abroad.”

Nicolas de Saint Laon, Head of Gimv France, and François-Xavier Rico, Principal Sustainable Cities, add: “We are delighted to be able to support Eric Merilhou, Yann Dauce and their team in this next chapter for Tibbloc. The management team has achieved a remarkable track record and has succeeded in creating a key player in its market, capable of addressing the critical needs of its customers, with a DNA combining a sense of service, agility and proximity. We are therefore particularly proud to have convinced Eric, Yann and their team of our capability to support them in this ambitious development project, which is perfectly aligned with the investment strategy of our Sustainable Cities sector platform.”

Eric Bruguière, Partner, and Edouard de Kermadec, Investment Director at Ciclad, declare: “With founders Gilles Bertrand and Mickaël Hamon, whom we met in 2020, we recruited Éric, then Yann, while opening up the capital to all the company’s employees. After a smooth managerial transition, the company continued to expand, diversifying its activities, particularly in compressed air and dehumidification, while consolidating its positions in France and beyond, boosted by a particularly strong energy market. We are delighted with this transaction led by Gimv, which succeeded in uniting all shareholders in a highly competitive sale process. We wish Tibbloc, its team and its new partners all the success they deserve. With numerous development opportunities on the horizon, the group is now ideally structured to meet these challenges successfully.”

No further financial details will be disclosed.

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Pelican Pipeline Reaches Final Investment Decision

Stonepeak

October 31, 2024 — AUSTIN, Texas — WhiteWater has reached a final investment decision to move forward with the construction of the Pelican Pipeline after having secured sufficient firm transportation agreements with shippers.

The Pelican Pipeline has been designed to transport up to 1.75 billion cubic feet per day (Bcf/d) of natural gas through approximately 170 miles of 36-inch pipeline from Williams, Louisiana, to the Gillis Hub near Ragley, Louisiana. Supply for the Pelican Pipeline will be sourced from multiple upstream connections in the Haynesville Basin, including direct connections to processing facilities.

The Pelican Pipeline is expected to be in service in the first half of 2027, pending the receipt of customary regulatory and other approvals.

WhiteWater, an Austin, Texas based infrastructure company has partnered with FIC, Stonepeak and Trace Capital Management on the Pelican Pipeline. For more information about WhiteWater, visit www.wwdev.com

About FIC

FIC is an investment firm with a focus on critical infrastructure assets across the power and power use value chains. FIC focuses on investment opportunities that generate long-term capital appreciation in the gas transmission, downstream, power and utilities, renewables, and data/telecommunications industries. We partner with management teams and businesses to accelerate the development of strategic assets that serve society’s growing energy needs and the associated decarbonization of industrial infrastructure. For more information about FIC, please visit www.FICfund.com

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 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 communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com

About Trace Capital Management

Trace Capital Management (Trace) is a proven and pragmatic energy investor focused on value and growth investments across the global energy landscape, with a particular focus on energy infrastructure, upstream oil and gas and viable low/no carbon opportunities. Based in Houston, Texas, Trace currently manages funds with invested and committed capital of more than $1.6 billion. Learn more at www.tracecapital.com

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KKR Invests in Enilive to Accelerate Sustainable Mobility and the Energy Transition

KKR

LONDON & MILAN–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the signing of an agreement under which KKR will acquire a 25% stake in Enilive, Eni’s mobility transformation company dedicated to biorefining, biomethane production, smart mobility solutions, and providing services to support people on the move. Closing of the transaction is subject to customary regulatory approvals.

As a leader in the energy transition, Enilive aims to provide progressively decarbonized services and products in support of a sustainability-driven mobility transformation. The company’s cutting-edge technologies and global reach position it at the forefront of the transition to cleaner energy solutions and contribute to Eni’s goal of achieving carbon neutrality by 2050.

Alberto Signori, Partner in KKR’s European Infrastructure team, said: “We are thrilled to strategically partner with Eni on this investment in Enilive, a key player in advancing the energy transition. This aligns with our strategy to support transformative energy projects across Europe. With our global infrastructure platform and local expertise, we’re excited to help Enilive scale its impact in decarbonizing transportation and expand internationally. We look forward to contributing to its continued growth and success.”

Enilive’s Chief Executive Officer, Stefano Ballista, commented: “We are pleased with the entry of a significant partner like KKR into Enilive, who will ensure a strong support to our relevant growth path and in the transition towards an increasingly decarbonized offering for sustainable mobility.”

KKR has been consistently investing in Italy across asset classes since 2005, with a commitment to supporting the country’s economic and social development. Most recently, KKR announced the closing of its acquisition of Telecom Italia’s fixed-line network and incorporation into FiberCop, creating the most extensive Italian broadband network serving around 16 million households and helping to fast-track the digital transition in Italy.

KKR is making the investment in Enilive through its Global Infrastructure Strategy. The firm first established its Global Infrastructure Strategy in 2008 and has since been one of the most active infrastructure investors around the world, currently managing over $73 billion in infrastructure assets.

Financial advisors for KKR on this transaction were Deutsche Bank and Unicredit, with Kirkland & Ellis and Gianni & Origoni serving as legal counsel.

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 Enilive:

Enilive is Eni’s company dedicated to biorefining, biomethane production, smart mobility solutions including Enjoy car sharing, and the distribution of all energy carriers for mobility, through its more than 5,000 Enilive Stations in Europe, where there is a wide range of products including HVOlution biogenic fuel (100% Hydrogenated Vegetable Oil), bio-LPG and biomethane. And where several services are also available to support people on the move, including electric recharging and food services such as Eni Café (the largest cafe chain in Italy) and ALT Stazione del Gusto, a new project in partnership with Accademia Niko Romito. Enilive aims to provide progressively decarbonized services and products for the energy transition, contributing to Eni’s goal of achieving carbon neutrality by 2050 also through industrial assets that include the Venice and Gela biorefineries, in Italy; the St. Bernard Renewables LLC (50% joint venture with PBF Energy) in Louisiana (United States of America); numerous biogas plants being converted to biomethane production in Italy, as well as new projects: in Livorno, where the third Enilive biorefinery in Italy is under construction, in Malaysia and in South Korea. Enilive plans to increase its biorefining capacity to over 5 million tonnes/year by 2030.

KKR
Italy
Tancredi Group
Giovanni Sanfelice Di Monteforte
giovanni@tancredigroup.com
+447775858152

Cristiano Signorini
cristiano@tancredigroup.com
+447950413690

International
FGS Global
Alastair Elwen/ Jack Shelley
KKR-Lon@FGSGlobal.com
+44 20 7251 3801/ +44 7917 886 576

Enilive
ufficio.stampa@eni.com

Source: KKR

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AlphaGen Announces Successful Completion of $3.7 Billion Inaugural Corporate Financing

Arclight

HOUSTON, Oct. 23, 2024 /PRNewswire/ — Alpha Generation, LLC (“AlphaGen”), owner of one of the largest power infrastructure portfolios in the United States, today announced it has completed its inaugural corporate financings, consisting of a $2 billion senior secured term loan, $1 billion of senior notes, and a $700 million senior secured revolving credit facility. ArcLight Capital Partners, LLC (together with its affiliates, “ArcLight”), a leading middle market infrastructure firm, announced the creation of AlphaGen earlier this year.

The financing transactions were part of a corporate reorganization where existing companies – including Parkway Generation, Generation Bridge, and recently acquired Lordstown Energy Center – became subsidiaries of AlphaGen. Net proceeds from the term loan and notes were used to repay certain indebtedness of these subsidiaries, support commercial and strategic opportunities, and fund other general corporate purposes.

“We are pleased to announce the successful completion of our strategic financing initiative, which strengthens our financial position and enhances our ability to capitalize on the growing demands in the power industry,” said Stacey Peterson, Chief Financial Officer of AlphaGen. “This significant milestone underscores investor confidence in the AlphaGen portfolio and its strategic footprint which is well positioned to help meet growing power demand, including through ongoing work with data center developers and hyperscalers.”

Citi served as lead financing bank, White & Case LLP served as counsel to AlphaGen, and Cahill Gordon & Reindel LLP served as counsel to Citi and the other lead arrangers on the financing transactions.

About AlphaGen
AlphaGen is a strategic partnership formed and owned by an affiliate of ArcLight to own and operate critical power infrastructure to provide reliable, secure, safe, and sustainable sources of power and meet the growing infrastructure needs created by the increased demand for reliable power, including electrification and data center growth. AlphaGen is led, through Alpha Generation Services LLC, by a deeply experienced senior management team with a proven track record of strategic, operational, and commercial expertise to help create value and manage risk. AlphaGen owns over 11,000 megawatts of power infrastructure across four RTO markets (PJM, NYISO, ISONE, and CAISO). For more information, please visit www.alphagen.com.

About ArcLight
Founded in 2001, ArcLight is a leading middle-market, value added infrastructure investment firm with strategic partnerships and investments across the power, renewables, strategic gas, battery storage, and transformative infrastructure sectors. ArcLight has a long history of investing across the electrification infrastructure value chain to help support reliability, security and sustainable infrastructure. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~1,900-person asset management partner. Since 2001, ArcLight’s funds have invested in infrastructure and related businesses with approximately $75 billion of total capitalization. For more information, please visit www.arclight.com.

SOURCE Alpha Generation, LLC

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Dominion Energy, Stonepeak Announce Closing of Sale of Noncontrolling Equity Interest In Coastal Virginia Offshore Wind Commercial Project

Stonepeak

  • Improves Dominion Energy’s quantitative & qualitative business risk profile via highly credit-positive partnership
  • Stonepeak to fund 50% of project construction costs with meaningful protection from any unforeseen increases in the current project construction budget
  • Successfully concludes ~$21 billion debt reduction initiatives associated with Dominion Energy’s business review

RICHMOND, Va. & NEW YORK – October 22, 2024 – Dominion Energy, Inc. (NYSE: D), today announced that it has closed on a transaction to sell a 50% noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) commercial project to Stonepeak. Dominion Energy will retain full operational control of the construction and operations of the project, and Stonepeak will have customary minority rights. The transaction was previously announced Feb. 22, 2024.

With this transaction, Dominion Energy has now successfully completed its business review debt reduction initiatives. During the review, the company announced transactions that represent approximately $21 billion of debt reduction. With the closings of the Cove Point LNG, East Ohio Gas, Questar Gas and Wexpro, and Public Service Company of North Carolina sales; and completion of the fuel securitization at Dominion Energy Virginia and the offshore wind partnership, Dominion Energy has now achieved 100% of the business review target. These actions have improved the company’s balance sheet, reduced its risk profile, and established a renewed focus as a pure-play, state-regulated electric utility business.

Robert M. Blue, Dominion Energy chair, president and chief executive officer, said:

“We are pleased to partner with Stonepeak on CVOW, which continues to proceed on-time and on-budget, consistent with our previously communicated timing and cost expectations. Stonepeak is one of the world’s largest infrastructure investors in large energy projects such as offshore wind, and its financial participation in CVOW will benefit both the project and the people who will rely on electricity from CVOW to keep the lights on and fuel economic growth in the Commonwealth.”

Rob Kupchak, senior managing director at Stonepeak, added:

“We are excited to have closed this investment in CVOW, which exemplifies many of the core tenets of essential infrastructure that we invest behind at Stonepeak. We look forward to continuing our partnership with Dominion Energy’s talented team to bring what promises to be one of the most impactful energy projects in the United States to commercial operation.”

The 2.6-gigawatt CVOW, the largest offshore wind farm currently under construction in the United States, is on schedule to generate enough clean, renewable energy to power up to 660,000 homes once fully constructed in late 2026. CVOW will consist of 176 turbines and three offshore substations in a nearly 113,000-acre lease area off the coast of Virginia Beach.

At closing, Dominion Energy received proceeds of $2.6 billion, representing reimbursement of approximately 50% of project-to-date capital investment. Stonepeak will fund 50% of remaining project costs as they are incurred, subject to certain conditions as previously disclosed.

About Dominion Energy
Dominion Energy (NYSE: D), headquartered in Richmond, Va., provides regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 400,000 customers in South Carolina. The company is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England. The company’s mission is to provide the reliable, affordable, and increasingly clean energy that powers its customers every day. Please visit DominionEnergy.com to learn more.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 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 communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to various risks and uncertainties. These factors are identified in Dominion Energy’s Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission. Dominion Energy refers readers to those reports for further information. Any forward-looking statement speaks only as of the date on which it is made, and Dominion Energy undertakes no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

#####

CONTACTS:

Dominion Energy:
Media: Ryan Frazier, (804) 836-2083 or C.Ryan.Frazier@dominionenergy.com
Financial Analysts: David McFarland, (804) 819-2438 or David.M.McFarland@dominionenergy.com

Stonepeak:
Media: Kate Beers / Maya Brounstein, (646) 540-5225 or corporatecomms@stonepeak.com

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Peregrine Closes on Debt Financing from KKR

KKR
BOULDER, Colo. and NEW YORK , Oct. 2, 2024 /PRNewswire/ — Peregrine Energy Solutions LLC (“Peregrine”), an integrated multi-technology clean energy platform with a focus on utility-scale energy storage, and KKR, a leading global investment firm, today announced that Peregrine has closed on a credit facility from insurance accounts managed by KKR that can provide financing for up to $250 million in assets. The financing is a strategic milestone for the company and will be used to finance equipment, interconnection and offtake credit security to support the growth of Peregrine’s growing development pipeline. With this new financing, Peregrine will be well positioned to continue to develop its renewable energy portfolio throughout the United States, which spans five independent system operators (ISOs) and 11 states with approximately 37 projects.

Peregrine, founded in April 2022, has originated and developed a pipeline of 22 GWh of storage across SPP, MISO, ERCOT, PJM and WECC. Assets developed and managed by Peregrine benefit from an experienced team of renewable energy veterans who collectively bring over 20 GW of renewable energy and storage facilities development experience. In August 2023, the company announced the signing of an agreement with funds managed by AB CarVal to raise over $700 million of credit, equity and debt to support Peregrine’s high-quality projects.

“We could not be more pleased to be working with KKR. We are confident in Peregrine’s ability to execute our strategic plan with the support of forward-thinking investors,” said Hagen Lee, Founder & Chief Executive Officer of Peregrine. “This facility is a milestone achievement for Peregrine and shows capital is available for developers that continue to innovate in a challenging market. Our ability to site and develop high value assets differentiates our team and creates an attractive investment opportunity.”

“We are pleased to support Peregrine with this financing through our Asset-Based-Finance business as the global need for clean energy and storage solutions continues to grow,” said Erich Heintzen, Director at KKR.

The financing was arranged by KKR Capital Markets (“KKR”) and Sumitomo Mitsui Banking Corporation (“SMBC”). Peregrine was advised by Troutman Pepper Hamilton Sanders LLP as legal counsel, and Piper Sandler & Co. as financial advisor. KKR and SMBC were advised by White & Case LLP as legal counsel.

About Peregrine

Peregrine Energy Solutions is an integrated and multi-technology clean energy platform with a focus on utility scale energy storage that was established in 2022 through a partnership between Peregrine Energy Management and a global alternative investment manager with approximately $20 billion of assets. Peregrine Energy Solutions is a limited liability company formed in Delaware and headquartered in Boulder, Colorado. Additional information is available at www.peregrinesolutions.com.

About AB CarVal

AB CarVal is an established global alternative investment manager and part of AllianceBernstein’s Private Alternatives business. Since 1987, AB CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $149 billion in 5,765 transactions across 82 countries. Today, AB CarVal has approximately $16 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Since 2017, AB CarVal has deployed over $5.5 billion in clean energy investments.

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

Peregrine Energy Solutions
Blake Taylor
713-383-7076
btaylor@peregrineenergysolutions.com

AB CarVal
Ann Folkman Ann.Folkman@abcarval.com

KKR
Julia Kosygina 212-750-8300
media@kkr.com

SOURCE Peregrine Energy Solutions LLC

 

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NPM Capital acquires interest in Jeco Energies

NPM Capital

Increased focus on growth via acquisitions and international expansion

Herentals/Ghent, 25 September 2024 – Investment company NPM Capital has agreed to acquire a significant minority interest in the Belgian family-owned company Jeco Energies, a leading industrial energy solutions provider in the Benelux. The participation of NPM Capital will accelerate the growth of Jeco Energies in the coming years through an increased focus on strategic acquisitions and international expansion. NPM Capital will contribute the required experience, expertise and capital in that area.

NPM Capital acquires interest in Jeco Energies

Jeco Energies is a leading player in the area of temporary as well as permanent solutions for industrial electrical power infrastructure. It rents hardware, including transformer containers built in-house, helping businesses to prevent unforeseen power outages or providing a temporary power solution until a permanent connection to the grid is established. The company also focuses on realising end-to-end projects for industrial energy supply in various sectors and is active in industrial service and automation. The company was established in 2022 as the result of the merger of hardware rental company Gens Rental, EPC contractor DSG, and industrial automation specialist Dymotec. As of today, the business will continue to operate under the name of Jeco Energies. It employs more than 200 people and has doubled its revenues over the last 2 years.

Sustainable future
’We are impressed by the strong growth realised by the company in recent years’, says Hiram Claus, investment director and head of Belgium for NPM Capital. ‘This investment is in line with NPM’s strategy of investing in sustainable businesses. Jeco’s engineered power solutions contribute to the electrification of industrial processes. Their unique expertise and position in the value chain, in combination with the structural demand for expansion of the electrical power grid, make Jeco Energies a powerful player in a rapidly growing market’.

Jeco’s founder and majority shareholder Jef van den Brande welcomes the participation of NPM Capital and sees it as an important step in the further development of Jeco Energies. ‘The expertise and professionalism of NPM will play an important role in the further development of our organisation within the various niches that we are active in. I am convinced that the synergy between our innovative way of working and the strategic support provided by NPM will enable us to propel Jeco Energies to new heights, locally as well as internationally’, he explains.

‘Same business values’
As part of the agreement, as of 1 October, Jan Van Nuffel will join the management team of Jeco Energies as Group CEO. Over the last three years, Van Nuffel was already involved as non-executive director. He gained extensive experience in previous management positions at construction companies Square Group, Group Verelst and Koninklijke BAM Group. Bob Zegers and the entire management team remain closely involved in the further development of the group.

Van Nuffel is looking forward to working together with NPM: ‘This partnership will further strengthen our operational clout and organic growth, including the accelerated expansion of our rental fleet, and certainly also via further external growth through acquisitions reinforcing our existing business lines. In NPM, we have found a partner with the same business values as Jeco: fostering sustainable growth and caring about our employees. It goes without saying that the expertise and technical excellence of all our Jeco colleagues play a vital role in the continued success of our organisation.’

Completion of the proposed transaction is subject to customary regulatory approval.

About NPM Capital
NPM is an independent investment partner that helps medium-sized and large companies with a head office in the Benelux to achieve their ambitions and build the businesses of the future. With offices in Ghent and Amsterdam, NPM focuses on family-owned enterprises and companies with a strong and dedicated management team. Its current portfolio consists of 24 companies, comprising both majority and minority participations, within themes that have an impact on the world’s future: Sustainable Future, Everything is Digital, Feeding the World, and Healthy Life & Learning. Earlier this year, NPM announced an investment in Belgian IT company Tech Tribes.

About Jeco Energies
Jeco Energies is a leading player in the area of low-voltage, medium-voltage, and high-voltage solutions for temporary as well as permanent industrial energy supply. With four business lines (energy, rental, automation and service), it enables its clients to focus on their core activities by providing them with end-to-end integrated sustainable energy solutions. Jeco Energies operates from seven sites in Belgium, the Netherlands and South Africa, serving clients in over 50 countries globally with a team of over 200 employees.

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For more information, please feel free to contact Koolhoven & Partners: npmcapital@koolhovenenpartners.nl or +31 804 017 175

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AES Announces Strategic Partnership with CDPQ to Support AES Ohio’s Robust Growth Plans

Cdpq

The AES Corporation (NYSE: AES) today announced that it reached an agreement to sell a 30% indirect equity interest in AES Ohio to CDPQ, a global investment group, for approximately US$546 million, with closing expected in the first half of 2025.

This agreement expands upon AES’ existing partnership with CDPQ at AES Indiana and creates a similar ownership structure for the two utilities, with no change in management or operational control of AES Ohio. CDPQ’s partnership with AES, now in both US utilities, will bring continued funding to support the high growth ahead.

“We have a successful track record of incorporating strategic partners into our businesses in support of our growth initiatives. CDPQ has been a long-term partner to AES and this transaction marks another strong step forward for AES Ohio, enabling the increased capital investments needed to support our customers’ growing needs,” said Andrés Gluski, AES President and CEO.

AES Ohio plans to invest more than US$1.5 billion from 2024 through 2027 to improve system reliability, through extensive investment in transmission infrastructure and grid modernization improvements (AES Ohio’s 2023 rate base was US$1,564 million). AES Ohio recently reached a settlement agreement for Phase 2 of its Smart Grid program, which, if approved by the Public Utilities Commission of Ohio (PUCO), will enable investment of more than US$240 million over a four-year period to deploy smart technology that will support impactful system improvements. As a result of these needed investments, AES Ohio anticipates compound annual rate base growth in the mid-teens through 2027.

Additionally, AES Ohio sees potential for incremental investment to support growing data center demand, which could increase peak load on the system by more than 50% by the end of the decade. This growth will be transformational for the utility and demonstrates the value of AES’ broader portfolio in serving important technology customers.

As part of this agreement, CDPQ is committed to funding its pro rata share of AES Ohio’s near term capital requirements to support AES Ohio’s extensive growth plans, including incremental growth opportunities stemming from new data centers in the service territory.

“AES has been an excellent partner of CDPQ for the last 10 years, and we’ve supported the company in the modernization and decarbonization of its operations at AES Indiana since then,” said Emmanuel Jaclot, Executive Vice President and Head of Infrastructure at CDPQ. “We now embark on a new chapter in our relationship to support the growth plans of AES Ohio. This is a unique opportunity to invest alongside a trusted partner in regulated assets that play an important role meeting the electricity demands for over half a million customers.”

“AES Ohio is committed to delivering reliable energy to enable economic growth and job creation,” said Ken Zagzebski, President of AES’ Utilities business. “Our partnership with CDPQ will support AES Ohio’s US$1.5 billion investment program to strengthen our system and support the growing demand from data centers, which has the potential to increase our peak load by more than 50% by the end of the decade.”

This transaction is expected to close in the first half of 2025. With this sale, AES will have achieved over US$2.7 billion of its US$3.5 billion asset sale target for 2023 through 2027.

This agreement is subject to customary regulatory approvals, including from the Public Utilities Commission of Ohio, the Federal Energy Regulatory Commission and the Committee on Foreign Investments in the United States.

AES Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to the completion of the transactions contemplated by the agreement with CDPQ, the execution of our future investment plans and future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. These assumptions include, but are not limited to, our expectations regarding (a) the completion of the transactions contemplated by the agreement with CDPQ on the anticipated terms and timing or at all, including the receipt of regulatory approvals and (b) accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels, and rates of return consistent with prior experience.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A: “Risk Factors” and Item 7: “Management’s Discussion & Analysis” in AES’ 2023 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law.

Any Stockholder who desires a copy of AES’ 2023 Annual Report on Form 10-K filed February 26, 2024 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report on Form 10-K may be obtained by visiting AES’ website at www.aes.com.

AES Website Disclosure

AES uses its website, including its quarterly updates, as channels of distribution of AES information.  The information AES posts through these channels may be deemed material.  Accordingly, investors should monitor our website, in addition to following AES’ press releases, quarterly SEC filings and public conference calls and webcasts.  In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the “Subscribe to Alerts” page of AES’ Investors website.  The contents of AES’ website, including its quarterly updates, are not, however, incorporated by reference into this release.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

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Audax Private Equity Acquires Total PowerGen Solutions

Audax Group

BOSTON & SAN FRANCISCO – September 10, 2024 – Audax Private Equity (“Audax”), a growth-oriented capital partner to middle market companies, announced today an investment in Total PowerGen Solutions (“TPGS”). Audax is acquiring TPGS from Trivest Partners. Terms of the deal are not disclosed.

Based in Mississauga, Ontario, TPGS is a full-service provider of power generation solutions. The company focuses on providing critical maintenance and repair services for commercial and industrial generators, generator rentals and rental-related services, and new equipment distribution.

“Through TPGS, we see a tremendous opportunity to invest behind a platform with a successful track record sourcing and integrating acquisitions and driving organic growth,” noted Don Bramley, a Partner with Audax Private Equity. “We’re excited to partner with management and through our Buy & Build approach will look to position TPGS as a key player in the larger North American market.”

With roots dating back to 1959, TPGS has grown into an established platform in commercial and industrial generator services.

“We believe Audax Private Equity represents an ideal partner to build on our momentum, accelerate our Buy & Build strategy, and expand into the U.S. market,” noted Andrew Rudderham, CEO of Total PowerGen Solutions. “We want to thank Trivest for their support and partnership over the past five years. We’re excited to embark on this next stage of growth.”

Audax is investing out of its latest flagship fund. The investment was sourced through Audax’ Industrial Services & Technologies team, one of six core industry specializations at the firm.

“Our thesis is premised on several factors, as the backup generator market is large, fragmented, and, in our opinion, positioned for continued growth as aging infrastructure, weather events, and an increasing demand for power combine to increase the demand for commercial and industrial power quality and continuity solutions,” noted Matthew Gosselin, a Managing Director at Audax. “We are excited to partner with TPGS and its management team in building a differentiated North American solutions provider.”

Stephens acted as financial advisor to the sellers on the transaction and Blake, Cassels & Graydon LLP served as legal counsel to the sellers. Guggenheim Securities, LLC served as financial advisor to Audax and Stikeman Elliott LLP and Kirkland and Ellis LLP served as legal counsel to Audax.

About

ABOUT TOTAL POWERGEN SOLUTIONS
Total PowerGen Solutions is a Canadian distributor of power generation solutions that has been in business since 1959. Operating across Canada, Total Power provides a full complement of maintenance and repair services, rentals, and equipment sales for standby, mobile and prime power generator systems and other power quality and continuity equipment ranging from 10kW to 2,000kW and beyond.

ABOUT AUDAX PRIVATE EQUITY
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of May 2024, over 270 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

“Through TPGS, we see a tremendous opportunity to invest behind a platform with a successful track record sourcing and integrating acquisitions and driving organic growth.”
Don Bramley
Partner, Audax Private Equity

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