Tag Archives: Renewable energy

F2i and Finavias sell their entire shareholding in 2i Rete Gas, Italy’s second-largest natural gas distribution operator, to Italgas

Ardian

F2i and Finavias have signed an agreement for the sale of 2i Rete Gas, Italy’s second-largest natural gas distribution operator, to Italgas. F2i currently holds 63.9% of 2i Rete Gas and Finavias, a corporate vehicle owned by APG Asset Management and funds managed by Ardian, holds the remaining 36.1%.

This agreement follows an exclusivity negotiation period granted to Italgas by the sellers last May. The transfer of shares is subject to approval by the relevant authorities and is expected to take place in the first part of 2025.

The agreement assigns 2i Rete Gas an equity value of EUR 2.06 billion as at 31 December 2023.

Under F2i’s leadership and with the full support of APG and Ardian, the company has embarked on a significant growth trajectory expanding its number of users from 1.9 million to 4.9 million, and currently manages a network exceeding 72 thousand kilometers, with over 2,200 concessions operated by a workforce of 2,200 individuals. This expansion was achieved through strategic acquisitions, development of the networks operated, and successful participation in the few tenders offered for concession renewals.

“The sale of 2i Rete Gas marks the conclusion of an important journey in which F2i has played a leading role. 2i Rete Gas is now established as a major national operator that is both efficient in scale and technological expertise and has transformed the ownership structure of a historically fragmented sector. The efficiency achieved by 2i Rete Gas has contributed to a gradual reduction in gas distribution tariffs, benefiting the entire national community. The merger with Italgas completes this journey. F2i and its investors thank the management team and everyone at 2i Rete Gas who, over the years, have contributed to the company’s industrial growth, achieving high standards of service and safety.” Renato Ravanelli, CEO of F2I SGR

“We are proud to have been part of 2i Rete Gas’s history since the beginning, and to have contributed to the growth and consolidation of the company into a national champion in energy infrastructure. In addition to this, we are pleased to have contributed, since 2018 alongside APG, to positioning 2i Rete Gas as a key player in the path towards Italy’s energy transition. We thank F2i and the management team for their mutual support during these years and wish Italgas every success for the future.” Rosario Mazza, Senior Managing Director and Head of Infrastructure Italy, Ardian

Cleary Gottlieb Steen & Hamilton acted as legal advisor to F2i and Finavias and Studio Di Tanno as fiscal advisor. Studio Chiomenti assisted Finavias as legal advisor.

ABOUT F2I SGR

F2i SGR is Italy’s largest independent infrastructure fund manager, with assets under management, between equity and debt, of approximately EUR 8.2 billion. The companies in F2i’s network make up Italy’s main infrastructure platform, spanning six key sectors of the national economy such as transport and logistics, energy for transition, circular economy, distribution networks, telecommunications networks and services, and social-healthcare infrastructure. Led by its CEO Renato Ravanelli, F2i, through its subsidiaries, has about 24,000 employees whose work allows millions of people to use services and infrastructure that are essential for daily life. F2i SGR’s key shareholders include financial institutions, including banking foundations, domestic and foreign social security and pension funds, domestic and international asset managers and sovereign wealth funds. The funds managed by F2i SGR are subscribed by leading Italian and foreign institutions. F2i participates in the United Nations Global Compact and adheres to its approach based on responsible business principles.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,680 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT APG

APG Group is the world’s largest independent pension fund manager with pension assets of c.€569 billion (as of December 2023) representing 4.6 million participants in the Netherlands, with main offices in Amsterdam, New York, and Hong Kong.
On behalf of its clients (all of which are pension funds), APG has been an active infrastructure investor since 2004, investing a total of c.€27 billion to date. APG’s investments include assets within transport infrastructure, energy, utilities, telecommunications and social.

Media contacts

Ardian

HEADLAND

ardian@headlandconsultancy.com 

F2I SGR

Laura Sisti

Laura.sisti@axel-comm.it+39 347 4282170

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Powin Secures $200 Million in Debt Capital From KKR to Bolster Growth and Innovation in Energy Storage

KKR

PORTLAND, Ore.–(BUSINESS WIRE)–Powin, a global leader in battery energy storage solutions, announced today that it has successfully secured a revolving credit facility of up to $200 million primarily from insurance accounts managed by KKR, a leading global investment firm. The facility will be instrumental in supporting Powin’s working capital needs, driving continued innovation, and further enhancing the company’s financial flexibility as it expands its leadership position in the storage industry.

This strengthened capital position improves Powin’s ability to seize the immense market opportunity and meet the surging demand in the rapidly expanding global energy storage sector. Bloomberg New Energy Finance forecasts that the energy storage market will exceed 100 gigawatt-hours of capacity in 2024 and is poised to grow at an annual rate of 21%, reaching 442 gigawatt-hours by 2030. The rising global demand for energy storage is fueled by the rapid expansion of renewable energy sources along with the increasing need for grid stability and resiliency.

“We are excited to have KKR, a renowned leader in the investment community, supporting our mission to be the most trusted energy storage partner in the industry,” said Jeff Waters, CEO of Powin. “This facility enables us to accelerate our expansion, drive innovation, and maximize value for our customers, reinforcing our commitment to advancing a sustainable energy future.”

“Powin stands out as a leader and innovator in the clean energy space. We are proud to support them and their efforts to expand the use of battery energy storage systems through our deep experience in Asset-Based Finance,” said Sam Mencoff, a Director at KKR.

This strategic liquidity package underscores the strong confidence that investors have in Powin’s vision and future growth. Equity investors in the company include Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. Guggenheim Securities, LLC, a renowned global investment and advisory firm, played a pivotal role as Powin’s financial advisor, facilitating the successful completion of this capital raise.

About Powin:

At Powin, we are advancing the next frontier of energy and changing the way we power our daily lives by ensuring access to clean, resilient, and affordable power. With 17 GWh of projects deployed and under construction, we are a leading and trusted energy storage provider dedicated to creating an exceptional customer experience through end-to-end energy storage solutions. As a global energy storage platform provider, we offer fully integrated battery solutions, software, and services to optimize grid performance and enable the transition to cleaner energy sources. To learn more, please visit www.powin.com.

About KKR:

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

Contacts

Kate Adams
powin@pancomm.com

 

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CDPQ acquires 25% of UK’s First Hydro Company from Brookfield

Cdpq
Investment in a critical national infrastructure providing 76% of the United Kingdom’s total pumped hydro storage capacity

CDPQ, a global investment group, today announced it has entered into an agreement with Brookfield Asset Management (NYSE: BAM, TSX: BAM) and its institutional partners, including its listed affiliate Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) (together “Brookfield”), to acquire its 25% stake in First Hydro Company, a critical electricity generation and storage facility in the United Kingdom. Engie is the majority shareholder who owns the remaining 75% of the company.

Responsible for the management and operation of two power plants at Dinorwig and Ffestiniog in the Snowdonia region of Wales, First Hydro offers a capacity of more than 2,000 MW, representing 76% of the total pumped hydro storage in the United Kingdom, making it a critical infrastructure to face the country’s increasing needs of grid flexibility and stability.

“First Hydro is playing a critical role in helping the United Kingdom manage its national electricity system and meet its net zero commitment by providing renewable electricity and storage capabilities,” said Emmanuel Jaclot, CDPQ’s Executive Vice-President and Head of Infrastructure. “This investment marks CDPQ’s first foray into pumped hydro storage, and we are delighted to join forces with Engie, a longstanding partner for CDPQ and a world leader in the energy sector.”

“We are pleased to have supported First Hydro throughout our ownership period including securing its long-term future through active management of the business. First Hydro will continue to provide considerable renewable power to the U.K. long into the future,” said Ignacio Gomez-Acebo, Managing Director at Brookfield.

Financial close is expected by end of 2024, subject to customary closing conditions and relevant consents and approval.

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, we work alongside our 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.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio totals over 34,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.

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Apollo Funds Acquire Freedom CNG, a Leading Provider of Renewable Natural Gas Fueling Infrastructure

Apollo logo

HOUSTON and NEW YORK, Sept. 12, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have acquired a majority interest in Freedom CNG (“Freedom”), an owner and operator of compressed natural gas (CNG) and renewable natural gas (RNG) fueling infrastructure in Texas.

Founded in 2012, Freedom operates a fast-growing network of high capacity fueling stations in strategic, highly trafficked locations in the Houston Metro area, providing RNG to customers including leading logistics and transportation companies, refuse companies, municipalities, school districts and other high-volume fuel users in support of their decarbonization objectives.

Apollo Partner Scott Browning said, “Freedom has developed a strong portfolio of RNG fueling stations with meaningful growth potential driven by established relationships with blue-chip customers and attractive new development opportunities. We look forward to working with Bill, Ronny and the rest of the Freedom team to continue expanding Freedom’s platform through organic and inorganic growth initiatives in a market where we see the need for significant investment given the tailwinds that exist. Apollo has deep expertise investing in the natural gas value chain as part of our broader strategy to serve as a key capital provider supporting the energy transition.”

Freedom Managing Partners Bill Winters and Ronny Cuenod said, “We are pleased to partner with the Apollo Funds, who bring the resources and experience necessary to help us multiply our efforts to meet the growing demand for economically attractive and environmentally sensitive low carbon alternative fuels. We are proud of the growth we have achieved in the last 12 years and now look forward to working alongside Apollo Funds to expand the business while promoting broader adoption of RNG.”

Transportation accounts for over 25% of U.S. energy consumption, and practical solutions are needed to migrate the sector towards sustainable energy. CNG, especially when supplied as RNG sourced from landfills and other sources, is an economic alternative available today that brings significant emissions reductions without compromising operational efficiency. With growing adoption in transportation markets and strong bipartisan regulatory support, RNG demand is poised to accelerate, and we believe Freedom is well-positioned to capitalize on the need for more robust downstream fueling infrastructure across the U.S. as CNG/RNG is understood and appreciated as commercially rational and currently deployable.

Over the past five years, Apollo-managed funds have deployed approximately $40 billioni into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, including offshore and onshore wind, solar, storage, renewable fuels, electric vehicles as well as a wide range of technologies to facilitate decarbonization.

Raymond James & Associates, Inc. served as financial advisor and Crady Jewett McCulley & Houren L.L.P. and Baker Botts L.L.P. acted as legal counsel to Freedom. Vinson & Elkins LLP acted as legal counsel to the Apollo Funds.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2024, Apollo had approximately $696 billion of assets under management. To learn more, please visit www.apollo.com.

About Freedom
Founded in 2012, Freedom CNG strives to offset the price of diesel and provide a better alternative fuel for the environment. Freedom CNG’s mission is to provide clean and affordable compressed natural gas (CNG) to commercial fleets, municipalities, school districts and other high-volume users of fuel through multiple fueling sites in Houston and throughout Texas, thereby empowering our customers to lower their fueling costs, reduce emissions and improve the air quality of Texas.

Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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i As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.

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CDPQ and the Fonds de solidarité FTQ make additional investment in Énergir to accelerate its decarbonization

Cdpq

CDPQ, a global investment group, and the Fonds de solidarité FTQ announced today an additional investment totaling $575 million in Énergir to support the growth of this North American energy leader and the execution of its decarbonization and climate resilience plan.

With this new investment, Énergir will be able to execute its decarbonization and resilience strategy. Developing renewable energy projects and renewable natural gas production plants, pursuing the deployment of dual energy in Québec and the Zero Outages Initiative of its subsidiary, Green Mountain Power, in Vermont, are among the concrete measures included in the strategy.

Énergir is a diversified energy company with over $10 billion in assets whose mission is to meet the energy needs of its 535,000 customers in an increasingly sustainable fashion, notably with renewable energy. The leading gas distribution company in Québec, Énergir is also present in the United States, where it produces electricity from hydro, wind and solar sources, in addition to being the primary distributor of electricity and the sole distributor of natural gas in Vermont.

“Supporting the growth and energy transition of our portfolio companies, particularly those in Québec, are central elements of CDPQ’s strategy, and our backing of Énergir since 2004 is a good example of that,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “Alongside the Fonds de solidarité FTQ, we are determined to keep supporting this innovative company as it grows, diversifies and decarbonizes its activities to have a greener North American economy.”

“Énergir has a plan to accelerate Québec’s decarbonization and energy transition. With this new investment, the Fonds is supporting the development of the renewable natural gas sector, which will help reduce greenhouse gas emissions from fossil sources,” added Gilles Poulin, Vice-President, Private Equity and Impact Investing, Aerospace, Infrastructure and Transportation, at the Fonds de solidarité FTQ.

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.

ABOUT THE FONDS DE SOLIDARITÉ FTQ

The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created more than 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of over 785,000 shareholders.

With net assets of $20 billion as at May 31, 2024, the Fonds supports thousands of companies through venture and development capital investments based on the belief that impact is created as much by financial as societal returns. For more information, visit fondsftq.com or LinkedIn.

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For more information

  • PATRICK McQUILKEN
    Senior Advisor, Media Relations and Communications
    Fonds de solidarité FTQ
    514 703-5587
    pmcquilken@fondsftq.com

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Accent Equity-owned Triarca and Stitec form a leading Nordic group in low voltage, eMobility, and FTTH

Accent Equity

  • The holding company of Triarca, AE2017 Bidco ApS, has acquired Stitec AB from the Stigefelt family
  • Stitec is a high-quality provider of low voltage solutions for the power, communication, and real estate sectors in Sweden
  • The Stigefelt family has re-invested a substantial part of the sales proceeds in AE2017 Bidco ApS and will continue in their respective positions in Stitec

Triarca A/S partnered with Accent Equity in 2021 with a view to accelerate its international expansion. With the addition of Stitec to the group a significant step is taken to strengthen the presence in Sweden and broaden its influence across the Nordic region.

Stitec is a well-established high-quality supplier of solutions for the low-voltage grid in Sweden. With its headquarters and production facility in Anderstorp, Stitec develops, manufactures and delivers a diverse range of low voltage solutions for cable switchboard cabinets, power measuring, EV charging, street light controls and fiber cabinets.

Together, the combined group will strengthen its ability to deliver top-tier solutions across the low-voltage grid, eMobility sector and FTTH. The expected synergies are substantial including expanded customer offerings, enhanced technical expertise and operational scale to better serve markets across Scandinavia and Northern Europe. Sales will be conducted under both the Triarca and Stitec brands, capitalizing on the strengths of each to better serve the region.

Harald Stigefelt, the CEO and founder of Stitec, expresses his vision for the future cooperation: “Finding a long-term cooperation partner like Triarca ensures growth and continued focus on developing high-quality solutions for the Swedish market. Stitec is ready for the next phase of growth, and our collaboration with Triarca A/S will facilitate that.”

 

Lars Prisak, CEO of Triarca looks forward to the partnership: “We are excited to welcome Stitec to the group. With their strong market knowledge and commitment to delivering high-quality products, we are confident that Stitec and Triarca together will achieve great success.”

Harald Stigefelt will continue as CEO in Stitec, partnering closely with Lars Prisak, CEO of Triarca, to drive collaboration within the group and deliver enhanced value to their customers.

The transaction closed on 6 August 2024.

For additional information, please contact:

Lars Prisak, CEO of Triarca A/S, +45 40173833,
lapri@triarca.dk
Harald Stigefelt, CEO of Stitec AB, +46 70-585 50 46,
harald@stitec.se
Benny Zakrisson, Chairman of AE2017 Bidco ApS and Partner of Accent Equity AB,
+46 76-009 97 75,
benny.zakrisson@accentequity.se

About Triarca:
Triarca is committed to providing value-creating solutions within critical infrastructure, specialising in power distribution, communication technology, and eMobility. With over 40 years of experience, Triarca has emerged as the market leader in Denmark and is rapidly expanding its presence throughout Northern Europe, offering high-quality technical enclosures that adhere to the highest standards. Triarca operates a modern and automated production facility in Hornsyld, Denmark, and is represented by its own sales staff in several Northern European countries. The company has approximately 100 employees and sales of approximately DKK 180 million.
www.triarca.dk

About Stitec:
Stites is a Swedish company company developing and producing high-quality low voltage solutions for cable switchboard cabinets, power measuring, EV charging, street light controls and fiber cabinets. The company was founded by Harald Stigefelt in 2000 and has been family-owned since then. It has a modern production facility in Anderstorp with approximately 25 employees and sales of approximately SEK 70 million.
www.stitec.se

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns.
accentequity.se
Follow Accent Equity on LinkedIn

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Blackstone Energy Transition Partners Announces Majority Investment in Westwood Professional Services, Inc., Leading Engineering & Consulting Firm

Blackstone

Plano, Texas and New York, NY, August 7, 2024 – Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone (“Blackstone”) have agreed to make a majority investment in Westwood Professional Services, Inc. (“Westwood”), a leading engineering and design firm focused on renewables, power, real estate and public infrastructure end markets. Blackstone will acquire its position in Westwood from Endurance Partners, with Westwood’s management team and employee shareholders retaining a minority stake. With a team of more than 1,600 employees, Westwood provides front-end engineering design services supporting the development of renewable energy generation, investment in the power grid and the continued buildout of public and private infrastructure across the United States.

Darius Sepassi, Senior Managing Director, and Mitchell Nimocks, Managing Director, at Blackstone Energy Transition Partners, said: “Westwood provides crucial expertise and resources to support the increasing adoption of renewables and investment in power systems throughout the U.S. and is well positioned to continue building upon its impressive growth. We look forward to combining the power of Blackstone’s global scale and resources with Westwood’s talent to expand and enhance its valued partnerships with new and existing clients across the renewables, power, land development and public infrastructure value chains.”

David Foley, Global Head of Blackstone Energy Transition Partners, added: “Our partnership with the exceptional Westwood management team builds upon our recent energy transition investments including Trystar and Sediver, providing critical services and equipment needed to facilitate the transition to more reliable, affordable and cleaner energy. With the signing of this investment, Blackstone Energy Transition Partners will have committed approximately $1.3 billion in control-oriented equity investments in the energy transition since June.”

“Throughout its 50+ year history, Westwood has sought to enhance communities by providing critical engineering and design services to our clients,” said Bryan Powell, CEO of Westwood. “We are excited about this new partnership with Blackstone as it positions the Company to continue expanding its capabilities in Westwood’s key end markets of renewable energy, power, land development, and public infrastructure, which are each poised to benefit from long-term growth tailwinds. We appreciate the support of Endurance Partners in helping scale Westwood into the business that it is today.”

Gerald Parsky, Chairman of Endurance, and Larry Bossidy, Chairman of Westwood, said: “Westwood is an established leader in multi-disciplined professional services for the AEC industry, and we are pleased to have invested in and partnered with this management team, who have built a business that is poised to flourish in their new partnership.”

Terms of the transaction were not disclosed. Blackstone was represented in the transaction by Morgan Stanley & Co. LLC as financial advisor and Kirkland & Ellis as legal advisor. Perella Weinberg Partners LP served as exclusive financial advisor to Westwood. Gibson, Dunn & Crutcher LLP acted as counsel to Westwood and Endurance Partners.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Westwood Professional Services, Inc. (Westwood)
Westwood is a leading, award-winning, full-service, professional engineering firm specializing in wind energy, solar energy, energy storage, power delivery, EV infrastructure, commercial, institutional, residential, and public infrastructure projects. Westwood was established in 1972. Through a focus on its people, culture, and clients, Westwood has quickly expanded to serve clients across the nation from multiple US offices. View more Westwood facts.

About Endurance Partners
Endurance is an investment group focused on partnering with exceptional management teams, bringing capital and resources to growing middle market companies, with a flexible mandate to hold for the long-term. Endurance brings together a world class group of executives with decades of private and public company leadership in the financial services, investment banking, private equity, and industrial sectors. Further information is available at www.endurance-partners.com.

Contact
Mariel Seidman-Gati
(646) 482-3712
Mariel.SeidmanGati@blackstone.com

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Enstall expands into Germany with the acquisition of Schletter

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Rivean

Welcomes Avenue Capital and Robus Capital as new Shareholders 

1 August 2024

Amsterdam, Netherlands and Kirchdorf, Germany – Enstall, the global leader in rooftop solar mounting solutions, announced today the acquisition of Schletter Group (“Schletter”), a Germany-based provider of solar mounting systems. Financial terms of the transaction were not disclosed. Schletter’s current shareholders, Avenue Capital Group and Robus Capital will become minority shareholders in Enstall to support the company’s long-term strategic ambitions, working in close partnership with existing shareholders Blackstone and Rivean Capital.

Founded in 1968 and headquartered in Kirchdorf, Germany, Schletter is a global provider of solar mounting systems, having supplied over 55 GW of solar installations worldwide. The company’s product portfolio caters to roofs, façades, carports, and ground-mounted solar installations, including trackers and fixed-tilt systems.

The transaction represents a major step in executing on Enstall’s growth strategy, following its acquisition by Blackstone and Rivean Capital in 2022. The transaction will strengthen Enstall’s footprint in Germany and Central Europe, and establish Enstall as the one-stop-shop global solar mounting powerhouse, with a product portfolio covering both rooftop and ground-mount segments.

Stijn Vos, CEO of Enstall, said: “On behalf of the Enstall team, I would like to welcome all Schletter employees to the Enstall family. Schletter is the long-standing solar mounting champion of Germany, with a strong reputation for quality and innovation. We are looking forward to combining our expertise to achieve our shared vision of accelerating solar adoption to deliver solar, sooner.”

Florian Roos, CEO of Schletter, added: “Enstall shares our long-term commitment to sustainable solar energy for future generations. Everything we do is guided by our dedication to improving durability, safety, sustainability, and the quality of our solar mounting systems, in support of achieving a transition to green energy. The partnership with Enstall will strengthen the combined innovation capabilities, and enable us to serve our customers with a broader portfolio of products and digital solutions globally.”

Juergen Pinker, Senior Managing Director at Blackstone and Maurits Boomsma, Senior Partner at Rivean Capital, commented: “With this transformational acquisition, Enstall establishes a strong presence in Germany, Europe’s largest solar market, and expands into the attractive ground-mounted solar segment. Following Enstall’s acquisition of Sunfer in 2023, this deal demonstrates the continued strong momentum the company has in executing its growth strategy. We welcome Avenue Capital and Robus Capital as minority investors in Enstall, who have been long-standing supportive owners of Schletter.”

The transaction is expected to close in the second half of 2024 or early 2025, subject to customary closing conditions, including regulatory approvals.

J.P. Morgan is acting as financial advisor to Schletter.

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About Enstall

Enstall is a leading provider of professional rooftop solar mounting solutions for both residential and commercial PV installations. We sell our solutions across the US, Europe, and Latin America through our distribution partners and to larger EPC, integrator, and installer clients directly. The breadth of our solutions portfolio, including leading brands IronRidge, Ecofasten, PanelClaw, Esdec, BluBase, and Sunfer, makes the installer workflow the fastest, highest quality, and most economical across application types and geographies. For more information, visit https://enstall.com.

About Blackstone Energy Transition Partners

Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested approximately $22 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Rivean Capital

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Blue Earth Capital partners with TS Conductor to modernize the electricity grid and increase power capacity for transmission and distribution lines

Blue Earth Capital
Investments

https://www.prweb.com/releases/ts-conductor-raises-60-million-from-industry-leading-investors-to-expand-us-production-of-high-capacity-power-lines-302207238.html

Please find the full press release of TS Conductor below.

 

TS Conductor raises $60 million from industry-leading investors to expand US production of high-capacity power lines

In an oversubscribed growth round led by Wellington Management, and joined by climate tech and power sector leaders like Breakthrough Energy Ventures, National Grid Partners, Quanta Services, and a subsidiary of NextEra Energy Resources, TS prepares to meet soaring new demand for its technology.

Huntington Beach, Calif. — 31 July 2024 — TS Conductor (TS), a US-based manufacturer of advanced electric power lines, today announced the close of a $60 million growth investment round led by Wellington Management. The funds will be used to open a second US production facility, which is part of the company’s plan to greatly increase production of its high-performance conductors in response to strong customer demand.

The oversubscribed investment round also included Quanta Services, Gates Frontier, Energy & Environment Investment, Inc., Blue Earth Capital, and Edison International, and repeat investors National Grid Partners, Breakthrough Energy Ventures, and a subsidiary of NextEra Energy Resources.

“The electric grid is the backbone of our clean energy future, and it urgently needs a 21st-century upgrade,” said Jason Huang, PhD, CEO of TS Conductor. “We’re deeply grateful for the support of industry-leading investors who recognize the potential of our advanced conductor technology. With this funding round, we’re scaling up production to put our proven solution into the hands of utilities faster.”

“Decarbonizing the energy sector hinges on resolving electric grid bottlenecks, and we believe TS Conductor’s technology unlocks cost-effective and fast capacity additions,” said Michael DeLucia, sector lead for climate investing at Wellington Management. “We are looking forward to supporting the company’s journey toward scaling advanced conductor deployment to address these critical issues.”

To meet rapidly-growing demand for its advanced conductors, TS Conductor is expanding its production capacity. The company’s existing ISO-certified facility in Southern California is operating at near-full capacity, and plans are under consideration to increase this facility’s output in the near term. The bulk of this funding round, however, will support an ambitious expansion east of the Mississippi River.

TS Conductor’s high-performance conductors are suitable for both new build and reconductoring projects. Compared to traditional ACSR power conductors, which were invented more than a century ago, the TS conductor can triple capacity during peak electricity generation and demand, allowing for more renewable energy projects to be integrated and for grid operators to expand capacity quickly and affordably simply by reconductoring. Its technology can also provide up to a 50% decrease in line losses during normal operation.

The TS product also solves for the biggest challenges presented by the last generation of advanced conductors; for instance, its highly durable conductors can be installed with the same tools and techniques line crews have used for decades with ACSR conductors, with no additional training required. Thanks to the conductor’s low-sag properties, CapEx costs can be dramatically reduced for new build projects, which can be designed with fewer and shorter towers.

The Federal Energy Regulatory Commission (FERC), which oversees interstate electricity transmission, recently released Order No. 1920, which has led to even greater interest in advanced conductors. The order requires transmission providers to consider grid-enhancing technologies, including advanced conductors, in their long-term planning.

Several investors who supported the round shared their thoughts on the importance of scaling advanced conductor technology at the current turning point in the global energy transition:

“Transmission is a critical pillar for enabling the promise of renewable energy and for meeting the significant projected growth for electricity in the US,” said Carmichael Roberts, Breakthrough Energy Ventures. “TS Conductor’s high-performance conductors solve the challenges and limitations inherent in traditional ACSR solutions and enable faster deployment and increasing penetration where it’s needed most. The company’s continued growth and accelerated market demand are a testament to these powerful innovations and the team behind them.”

“Upgrading the world’s power grids is an urgent and growing need driven by the rise of AI data centers and the push towards electrification,” said Pradeep Tagare, head of investments at National Grid Partners. “TS Conductor’s solution offers an expedited path to greater capacity while improving reliability and safety. We’ve supported the growth of TS for years and believe the technology is the right solution at the right time.”

“When it comes to building out the infrastructure needed to keep pace with the energy transition, it’s important to think about how skilled, craft labor will execute these projects in the field. Lineworkers can install these conductors safely and effectively with the same work methods as traditional conductors — no new training or tools needed. And that can make a huge difference for getting better technologies deployed at scale,” said Andrew Schwaitzberg, senior vice president at Quanta Services.

“We’re pleased to be supporting the scale-up and roll-out of this technology, which can significantly improve the functioning and resilience of the electricity grid. This innovation is an example of how to support positive environmental impact through system improvements,” said Kayode Akinola, head of private equity at Blue Earth Capital.

Utilities across North America have already deployed TS technology, including Montana-Dakota Utilities Company (MDU), Arizona Public Service (APS), and Tennessee Valley Authority (TVA). TS was recently named a winner of the 2024 BloombergNEF (BNEF) Pioneers Award for its work in relieving bottlenecks in the deployment of clean power.

To learn more about TS Conductor solutions, visit www.tsconductor.com or contact the team at www.tsconductor.com/contact.

 

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About TS Conductor
TS Conductor is accelerating the clean energy transition with its high-performance conductors created to meet the needs of modern power grids. Its Aluminum Encapsulated Carbon Core (AECC) technology offers triple the capacity of traditional power lines and can cut line losses in half, all while solving for the installation and cost challenges of prior generation advanced conductors. Suitable for both reconductoring and new build projects, the TS Conductor can be deployed quickly and cost-effectively to expand grid capacity and enhance reliability, with the option to leverage existing infrastructure. Founded in 2018, TS Conductor is a Minority Business Enterprise (MBE), and a public benefit company dedicated to made-in-America manufacturing. It is backed by Breakthrough Energy Ventures, National Grid Partners, a subsidiary of NextEra Resources, and other industry-leading investors and has been deployed by some of the largest utilities in the US. For more information, visit www.tsconductor.com.

About Private Investing at Wellington Management
Wellington’s Private Investing Team invests across multiple sectors and stages of the private markets and leverages the firm’s more than 900 investment professionals globally. From venture capital to private credit, the team actively invests across the business lifecycle in the next generation of industry-defining entrepreneurs and changemakers. To date, they have raised US$8.5+ billion in global assets to invest across geographies (Asia, Europe, and the Americas) and sectors (consumer, technology, health care, financial services, biotech, energy, industrials, climate tech, and real estate). The team takes a long-term view and combines its deep private market expertise with Wellington’s broader public market experience, extensive network, and robust research across its global footprint to benefit both investors and entrepreneurs. For more than 20 years, Wellington Management has been investing in private markets and launched its first dedicated private capital fund in 2014. Wellington is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages US$1.2+ trillion for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients. For more information about private investing at Wellington, please visit www.wellington.com/privateinvesting.

About Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. The company operates dedicated private equity, private credit, and fund solutions. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.


Media Contact

TS Conductor
Nikki Arnone
Inflection Point Agency for TS Conductor
nikki@inflectionpointagency.com

Blue Earth Capital
blueearthcapital@kekstcnc.com

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ArcLight Announces Operating Focused Renewables Initiative and New Wind Investment

Arclight

News provided by

ArcLight Capital Partners 

Jul 29, 2024, 09:00 ET

  • SkyVest Renewables created with a highly experienced team and advisory board to operate and optimize renewables assets
  • Initial $500 million capital commitment for new investments and brownfield development
  • Acquisition of 160 MW operating wind farm indicative of strategy and value-add focus

BOSTON, July 29, 2024 /PRNewswire/ — ArcLight Capital Partners (together with its affiliates, “ArcLight“) today announced the launch of operating focused renewables investment initiative SkyVest Renewables (“SkyVest“) and concurrent acquisition of a 160 MW operating wind farm.

SkyVest, formed by ArcLight to operate and optimize acquired assets, builds on ArcLight’s deep history in renewables since 2001 and brings together an experienced and tenured team to provide transformational management and operational best practices for ArcLight’s investments in wind and solar infrastructure.

SkyVest Logo
SkyVest Logo

ArcLight is providing an initial $500 million capital commitment to the initiative, and as part of this, concurrently closing on the acquisition of a 160 MW operating wind farm located in the Midland Basin in Texas that reached commercial operations in 2020. SkyVest will leverage its internal expertise and ArcLight’s resources to drive a value-enhancing operational and commercialization strategy.

ArcLight and SkyVest will target operating utility-scale wind and solar assets in North America. Through the implementation of operational, technical, commercial, financial and redevelopment best practices, assets managed by SkyVest will have the potential to generate significant near-term cash flow while protecting against downside risk. SkyVest will also augment ArcLight’s existing dedicated in-house operations resources in asset management, data analytics, and project risk management.

“ArcLight has a deep history of investing in renewables dating back to our first fund, focused on bringing operating excellence, innovation, power expertise, and brownfield development skills to drive value and mitigate risk,” said Dan Revers, Managing Partner of ArcLight. “SkyVest augments our existing in-house capabilities to implement these value-added levers. We see a growing opportunity to capitalize on this strategy with a continued disciplined and highly selective investment approach.”

SkyVest is led by a group of experienced and tenured executives including President Michael Murphy, previously the SVP and CIO of Clearway Energy, and CFO Michael Current, previously the SVP of Finance of JERA Americas. The executive team is complemented by an accomplished team of senior advisors and board members including Mark Albenze, former CEO Global Service at Siemens-Gamesa; Tom Kiernan, former CEO of American Clean Power/AWEA; and Scott Hall, former CEO of Great River Hydro.

“I am excited to partner with ArcLight, which I view as one of the leading domestic renewable infrastructure investors,” said Mr. Murphy. “ArcLight has a multi-decade history of making renewable infrastructure investments, driven by a value-added approach and operational resources that I believe are imperative to driving value and mitigating risk in the renewables market today.”

“As the renewables sector continues to grow and mature, the operational and commercial requirements are changing, which in turn creates the opportunity to apply a value-add skill set compared to the ‘growth-at-all-cost’ orientation of the past,” said Carter Ward, Partner at ArcLight. “Similar to ArcLight’s prior operating renewable investments – including Leeward, TerraGen and Great River Hydro – we believe SkyVest has the resources required in today’s market to become one of the leading operators of wind and solar assets in the U.S.”

About ArcLight
Founded in 2001, ArcLight is a leading 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 track record of investing across the electrification infrastructure asset 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 nearly $70 billion of total capitalization. For more information, please visit www.arclight.com.

About SkyVest
SkyVest is a strategic management team formed and owned by ArcLight to manage and operate utility-scale renewable wind and solar infrastructure. SkyVest will focus on operating wind and solar assets that, through operational, technical, commercial and brownfield development best practices and innovation, have the potential to generate near-term cash flow and mitigate risk. SkyVest also leverages ArcLight’s dedicated portfolio operations resources in asset management, data market analytics, and project risk management to help meet the growing need for renewable infrastructure, access to affordable power, reliability, and sustainability. For more information, visit www.skyvest.com.

SOURCE ArcLight Capital Partners

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