Tag Archives: Energy

KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies

KKR

Investment to support modernization of infrastructure and increased reliability

Strategic partnership comes as need for reliable power soars in the U.S.

NEW YORK–(BUSINESS WIRE)– Today, investment funds managed by KKR, a leading global investment firm, and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investors, announced an agreement to acquire a 19.9% interest in American Electric Power’s (“AEP”) Ohio and Indiana & Michigan transmission companies for $2.82 billion. Founded in 1906 and one of the largest electric utilities in the U.S., AEP has pioneered the country’s energy system through the delivery of safe, reliable and affordable energy for millions of homes. The investment will support AEP’s ability to meet increasing customer demand and enhance grid reliability. KKR and PSP Investments have formed a 50/50 strategic partnership to pursue the acquisition.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250109303908/en/

AEP is a fully regulated electric utility that serves 5.6 million retail and wholesale customers across 11 states. Ohio, Indiana and Michigan are among AEP’s fastest-growing service territories driven primarily by the strong American manufacturing industry and newer sources of load growth. The investment by KKR and PSP Investments in these two transmission companies will support AEP’s previously announced five-year capital plan to benefit customers.

“We are thrilled to strategically partner with the best-in-class leader in transmission in the U.S., and are impressed with AEP’s deep operational capabilities, highly experienced leadership team, and its history of innovation,” said Kathleen Lawler, Managing Director, KKR. “KKR’s infrastructure business has a long track record of investing behind the energy transition and electrification opportunities, and this investment in AEP sits squarely at the intersection of these two trends. The simplicity and stability of the assets, coupled with the robust demand for electricity, make AEP’s transmission assets an ideal investment for KKR.”

“We are delighted to form this partnership with AEP to support its ambitious growth plan to build much needed transmission infrastructure in a region that is undergoing significant tailwinds from digitalization and reshoring of critical manufacturing,” said Michael Rosenfeld, Managing Director, Infrastructure Investments, PSP Investments. “This investment marks an important milestone in PSP Infrastructure’s roll out of its High Inflation Correlated Infrastructure (“HICI”) strategy, which is predicated on investing in North American core infrastructure assets that exhibit a defensive and predictable inflation-linked cashflow profile.”

“We are pleased to launch this strategic partnership with two of the world’s premier global infrastructure investors. KKR and PSP are experienced investors in the utilities and energy space with a proven track record of successful infrastructure investments,” said Bill Fehrman, AEP president and chief executive officer. “This transaction allows AEP to efficiently finance a growing segment of our business and enhances our ability to serve growing customer demand and provide reliable service to our customers.”

Upon the closing of the transaction, AEP will remain the majority owner and operator of the transmission assets. KKR is funding this investment from its core infrastructure strategy.

Moelis and Morgan Stanley served as financial advisors and Simpson Thacher served as legal advisor to KKR and PSP 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.

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.

Media:

KKR
Liidia Liuksila or Emily Cummings
(212) 750-8300
media@kkr.com

PSP Investments
Charles Bonhomme
+1 438 465-1260
media@investpsp.ca

Source: KKR

 

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EQT to acquire distributed energy company Scale Microgrids

eqt

Transaction marks the EQT Transition Infrastructure strategy’s second highly thematic investment over the past month, to be acquired with capital from EQT’s balance sheet

Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America, with a vision to power the world with distributed energy

EQT will support Scale Microgrids along its existing growth journey through significant investments in its commercial processes, tech platform and project execution capabilities, enabling the Company to own and operate billions of dollars in distributed generation assets

EQT is pleased to announce that EQT Transition Infrastructure (“EQT”) has agreed to acquire Scale Microgrids (“Scale” or the “Company”), a leading vertically integrated developer, acquirer, owner, and operator of microgrids and distributed energy resources for commercial & industrial, EV fleet, data center, municipal, university, hospital, and agricultural customers, developers and communities, from Warburg Pincus and other existing shareholders.

Headquartered in Ridgewood New Jersey, Scale’s portfolio consists of roughly 250 MWs of operating and in-construction assets, with another 2.5 GWs of near-term pipeline. Scale deploys a variety of technologies including solar, battery storage, natural gas generators, fuel cell and combined heat and power, and its portfolio represents one of the largest pure-play microgrid portfolios in the United States.

The transaction marks EQT’s first North American investment out of its recently launched Transition Infrastructure strategy, which is aimed at scaling businesses that enable the transition to clean energy and a more resource-efficient, circular economy. In December 2024, EQT announced the launch of the strategy and its inaugural investment in ju:niz Energy, a battery energy storage system developer and operator.

Jan Vesely, Partner and Head of EQT Transition Infrastructure, said: “We are thrilled that Scale Microgrids will become EQT Transition Infrastructure’s first investment in North America, underscoring our commitment to driving the energy transition globally and supporting a decarbonized and climate-resilient future while addressing the accelerated electricity demand in North America. We see enormous potential to accelerate Scale’s growth and establish it as one of the market’s leading vertically integrated energy companies.”

Ryan Goodman, CEO of Scale Microgrids, said: “Today marks the start of an exciting new chapter for our company. EQT brings a depth of experience, resources, and capital that will enable us to continue pursuing our vision to power the world with distributed energy. I’m incredibly proud of what our team has built, and believe this transaction will enable us to unlock even greater opportunities for the customers, employees, and communities we serve. We’re appreciative of our past shareholders, led by Warburg Pincus, for their support in helping us get to where we are today.”

Scale addresses several of today’s most pressing grid challenges, including rapid load growth from data centers and fleet electrification, power generation capacity constraints, and increased frequency of grid outages. Scale’s assets add resiliency to power systems, enable faster access to power relative to extended interconnection wait times, and provide cost savings and predictable power compared to the grid while advancing customers’ decarbonization and sustainability objectives.

Ryan Dalton, Managing Director at Warburg Pincus, said: “Scale has achieved incredible growth over the past five years, establishing a strong reputation as one of the leading providers of next generation power infrastructure. The Company has successfully grown to nearly 3 GW of operating, in-construction and near-term pipeline assets, closed multiple financings to fund future project development and maintains a strong customer base. We look forward to watching the Company’s next phase of growth with EQT, and continuing their mission to provide cleaner, cheaper and more reliable power.”

EQT brings a long-term strategic focus, deep experience in investing across the renewables infrastructure sector, and significant resources, and will focus on making strategic investments, including incremental capital, in Scale’s commercial processes, software systems, and project execution capabilities to continue to develop the business into a best-in-class, multi-technology energy services leader focused on the highest growth market segments, enabling Scale to own and operate billions of dollars in distributed generation assets.

The transaction is subject to customary conditions and approvals.

EQT was advised by Weil, Gotshal & Manges (legal) and Guggenheim Securities (financial). Scale Microgrids was advised by Latham & Watkins (legal), Nomura Greentech (financial), and Truist Securities (financial).

Contact

EQT Press Office, press@eqtpartners.com

Warburg Pincus Press Office, Sarah Bloom, Sarah.bloom@warburgpincus.com

Scale Microgrids Press Office, Nicole Green, ngreen@scalemicrogrids.com

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 Scale Microgrids

Scale is a vertically-integrated energy company that designs, builds, finances, owns, and operates distributed energy assets that deliver cheaper, cleaner, and more resilient power. Their team accelerates growth in distributed energy by providing financing to project developers, while also directly helping large energy-consuming customers take charge of their energy supply with microgrids that integrate solar, batteries, and other on-site energy assets. Learn more at www.scalemicrogrids.com.

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EQT completes public offering of common stock of Kodiak Gas Services

eqt

An affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV (“EQT”) is pleased to announce the completion of an underwritten public offering (the “Offering”) of 5,500,000 shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the “Company”) for gross proceeds of USD232,925,000. Goldman Sachs & Co. LLC and J.P. Morgan acted as the underwriters for the Offering, which was completed on December 13, 2024. The Company did not sell any shares of its common stock in the Offering and did not receive any proceeds from the sale of the shares of its common stock sold by EQT.

Contact

EQT Press Office, press@eqtpartners.com

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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.

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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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