Tag Archives: Renewable energy

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.

—

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

Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the DACH region, Benelux and Italy. Rivean Capital manages funds in excess of €5bn and has offices in Amsterdam, Brussels, Frankfurt, Zug, and Milan. Since its inception in 1982, Rivean Capital has supported more than 250 companies in realizing their growth ambitions. For more information, visit www.riveancapital.com.

Contacts

Enstall
Vera Vos (Corporate Communications)
vera.vos@enstall.com
+31 653 522 721

Schletter
Marc Wallowy (VP Global Marketing)
investors@schletter-group.com
+49 1761 9191 195

Blackstone
Felix Lettau (Media)
Felix.Lettau@Blackstone.com
+44 (0) 7587 020020

Rivean Capital
Maikel Wieland (Partner – Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

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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.

 

###

 

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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ArcLight Announces Operating Focused Renewables Initiative and New Wind Investment

Searchlight Capital
  • 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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ArcLight and Elevate Announce New York City’s Largest Battery Storage Project To Date

Arclight

News provided by

ArcLight Capital Partners 

May 29, 2024, 09:00 ET

First of its Kind Project to Enable More Renewable Power and Enhanced Grid Reliability for New York

BOSTON and NEW YORK, May 29, 2024  /PRNewswire/ — ArcLight Capital Partners (“ArcLight”) and Elevate Renewables (“Elevate”), a leading battery storage developer, today announced a milestone battery storage infrastructure project at the Arthur Kill Power Station in Staten Island, NY. The 15 MW/60 MWh distribution-level project will help provide more renewable power by replacing existing generation planned to retire in 2025. Elevate is a wholly owned subsidiary of a fund managed by ArcLight.

Elevate Renewables
Elevate Renewables

Once completed, the project will be the largest battery storage installation in New York City. The facility will be able to power more than 10,000 households during peak demand periods.

 

Elevate Renewables has completed contracting to construct a state-of-the-art battery storage facility to store power during non-peak hours and discharge power during peak demand periods, as well as to provide ancillary services that help maintain grid stability and resiliency. This infrastructure will help support New York City’s electric grid and progress the clean energy transition.

“The Arthur Kill re-development project will install the latest energy storage technology on the site of a former power generation plant. This project is illustrative of Elevate’s battery expertise, significant development pipeline, and ability to help enable strategic battery storage infrastructure to help meet New York State’s energy storage target of 6 GWs by 2030,” said Eric Cherniss, Head of Development at Elevate Renewables. “It further demonstrates our ability to catalyze large-scale battery storage projects and help provide low-cost renewable power with increased grid reliability to consumers.”

“We believe battery storage infrastructure has the potential to be transformative and will be necessary to help meet the growing power needs from electrification and data centers, and is also a complement to the ongoing build-out of wind and solar renewable infrastructure,” said Dan Revers, Founder & Partner at ArcLight. “ArcLight is well positioned to capitalize on the renewable infrastructure mega trend. This project builds upon ArcLight’s extensive track record within the power and renewable infrastructure sectors over the past 20 years.”

“We are excited to advance this first-of-its-kind contracted infrastructure project that is one of many brownfield development opportunities we have within our funds’ power portfolio, which is one of the largest in the U.S.,” said Angelo Acconcia, Partner at ArcLight. “The Arthur Kill project, when commissioned, will be New York City’s largest battery storage system installed and the region’s first such existing power facility to be repurposed for battery storage. We believe there are many more of these types of opportunities that leverage ArcLight’s value add strategy, resources, and expertise across the electrification infrastructure value chain.”

About Elevate Renewables
Elevate Renewables is a utility scale battery storage company focused on strategically deploying battery infrastructure co-located with existing power infrastructure facilities. The Company has significant experience and resources to effectuate utility scale battery infrastructure with an extensive brownfield pipeline of over 4 GWs.  Elevate Renewables is active throughout the United States, where electrification and the rapid growth of intermittent renewables has created a need and advantage for renewable utility scale battery storage. For more information, please visit www.elevaterenewableenergy.com.

About ArcLight Capital Partners
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 and proven track record 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 business with nearly $70 billion of total capitalization. For more information, please visit www.arclight.com.

SOURCE ArcLight Capital Partners

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Labrador Island Link Welcomes New Investor

KKR

KKR to acquire Emera’s equity interest in critical clean energy transmission project

This news release constitutes a “designated news release” for the purposes of Emera’s prospectus supplement dated November 14, 2023 to its short form base shelf prospectus dated October 3, 2023.

  • Transaction value of $1.19 billion CAD.
  • Proceeds from the transaction will be used to reduce Emera’s corporate debt and support its investment opportunities in its regulated utility businesses.
  • KKR has a history of successful long-term investments in similar scale infrastructure projects.
  • Transaction is expected to close on or about June 4, 2024.

NEW YORK & HALIFAX, Nova Scotia & ST. JOHN’S, Newfoundland and Labrador–(BUSINESS WIRE)–Today, Emera Inc. (Emera), an international energy and services company, and KKR, a leading global investment firm, announced they have entered into a definitive agreement where KKR will acquire Emera’s indirect minority equity interest in the Labrador Island Link (LIL). The transaction value is $1.19 billion CAD, made up of $957 million CAD in cash and $235 million CAD for assuming Emera’s obligation to fund the remaining initial capital investment.

As part of its overall commitment to the Lower Churchill Project, Emera has been an equity investor in the construction of the LIL alongside Newfoundland and Labrador Hydro (NL Hydro), which owns and operates the LIL. The transaction announced today provides for a one-time, up-front payment at closing in exchange for Emera’s indirect interest in the LIL, meaning KKR will receive quarterly distribution payments over the remaining life of the 50-year LIL contract and allow Emera to reduce corporate debt and fund its investments in its regulated utility businesses. Emera will remain actively engaged in the LIL partnership, along with NL Hydro, by continuing to provide sustaining capital investments to support ongoing operations. This transaction has no impact on Emera’s ownership of the Maritime Link transmission line and no impact on Nova Scotia Power, or its customers.

“This agreement is an important step in strengthening our company and positioning us to continue to capitalize on the growth opportunities in front of us, said Scott Balfour, Emera Inc. CEO. “With this transaction, we look forward to a new relationship with KKR while remaining committed to our partnership with NL Hydro.”

“KKR has a long history of investing in stable, reliable and essential transmission assets like the Labrador Island Link, and we look forward to beginning this long-term strategic partnership with Emera and NL Hydro to deliver clean energy across the region,” said Brandon Freiman, KKR Partner and Head of North American Infrastructure. “We’re pleased to be part of the future success of the Labrador Island Link.”

“The LIL is a strategic asset for Newfoundland and Labrador as it continues down the path of building its clean energy future,” said Jennifer Williams, CEO, Newfoundland and Labrador Hydro. “This new arrangement is evidence of the quality of the LIL and the critical role that it plays to harness clean, renewable energy and deliver it to our customers here in Newfoundland and Labrador across the region and beyond.”

The LIL is a 1,100 km high voltage transmission line that delivers renewable energy to Newfoundland, Nova Scotia and beyond, helping meet the growing demand for clean energy across the region. Officially commissioned in 2023, the LIL is a vital transmission line of strategic importance to Atlantic Canada and has helped strengthen the Newfoundland and Labrador power grid.

The Lower Churchill Project is helping enhance energy infrastructure and facilitate clean energy delivery between the provinces and is essential in supporting the energy transition in Atlantic Canada. The Project also includes the Maritime Link, an Emera-owned transmission line that delivers renewable energy from Newfoundland to Nova Scotia.

KKR’s interest in the LIL reinforces the importance of clean energy infrastructure to serve Atlantic Canada and markets beyond. KKR has significant experience investing in infrastructure globally and has stable, ongoing access to capital, which affords the firm the ability to take a long-term “buy and hold” view. KKR is making this investment through capital accounts advised by KKR.

The transaction is expected to close on or about June 4, 2024.

TD Securities is acting as exclusive financial advisor to Emera in connection with the transaction. Scotiabank is acting as exclusive financial advisor to KKR.

About Emera

Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $39 billion in assets and 2023 revenues of $7.6 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution, with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and the Caribbean.

About NL Hydro

Newfoundland and Labrador Hydro (NL Hydro) is a provincial crown utility—providing safe, cost-conscious, reliable electricity while harnessing sustainable energy opportunities to benefit the people of Newfoundland and Labrador. NL Hydro manages Newfoundland and Labrador’s electricity system, generating and transmitting the vast majority of electricity used by people in the province every day. For more than 50 years, Hydro has been there for families, friends, and neighbours across the province–and beyond. For more information, visit nlhydro.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.

Forward Looking Information

This news release contains forward‐looking information within the meaning of applicable securities laws, including statements concerning the acquisition of Emera’s indirect interest in the LIL by KKR, Emera’s future financial performance, the service life of the LIL, Emera’s engagement in the LIL, including future sustaining capital investments, and market conditions and demand for clean energy in Atlantic Canada in the future. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward‐looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward‐looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward‐looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca.

Contacts

Emera Media Contact
Dina Bartolacci Seely
media@emera.com

KKR Media Contact
Liidia Liuksila
media@kkr.com
(212) 750-8300

NLH Media Contact
Jill Pitcher
JillPitcher@nlh.nl.ca

 

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Ratos Company Aibel and Hitachi Energy sign framework agreement with RWE to accelerate offshore wind integration

Ratos

Aibel and Hitachi Energy have signed separate framework agreements with the German company RWE for multiple high-voltage direct current (HVDC) systems to accelerate the integration of offshore wind power into grid. The agreement follows the signing of a Capacity Reservation Agreement (CRA) last November that reserves the engineering and production capacity to develop three major HVDC projects. The projects will allow electricity transmission from offshore wind farms to onshore connection points.

 

Under the global framework agreements, RWE has contracted Aibel and Hitachi Energy in a split contract model. The framework agreement stipulates how the three projects, and potentially additional projects in the future, will be handled. It allows Aibel and Hitachi Energy to manage resources such as securing supply chain, hiring workforce, allocating engineering and manufacturing capacity, and ordering materials ahead of time.

“The success story in Aibel continues at a high and steady pace. It is very pleasing that this contract now is in place. It gives both the opportunity to invest even more in the future and to do so in a sustainable way. The importance of Aibel and its partners in the transition towards a more energy efficient and sustainable future is significant – in this project part of the scale and speed needed to be even more successful are secured,” says Christian Johansson Gebauer, board member of Aibel and President, Business Area Construction & Services, Ratos.

“The agreement with RWE confirms that we have a competitive concept developed in collaboration with Hitachi Energy, and a reliable common delivery model with a balanced risk-reward profile. The capacity reservation provides predictability and further strengthens our position as a leading supplier to the offshore wind market,” says Mads Andersen, President and CEO of Aibel.

Securing the capacity early and the signing of CRA demonstrates RWE’s intent to accelerate the pace at which offshore energy can be integrated to the grids. The new framework agreement has the potential to deliver other possible projects worldwide.

The three projects are the latest of several jointly undertaken by Aibel and Hitachi Energy since the two companies announced their strategic partnership in 2016. Key offshore wind projects won by the two companies include converter stations for Dogger Bank A, B, and C and Hornsea 3 Link 1 and Link 2 in the UK, as well as Dolwin 5 in Germany.

About Aibel
Aibel builds and maintains critical infrastructure for the energy sector and is one of the largest supplier companies in Norway. In the last five years, the company has provided products and services worth NOK 50 billion to the Norwegian Continental Shelf and is also the largest supplier of solutions within the area of electrification of offshore installations and onshore facilities. Currently, Aibel has five deliveries to offshore wind parks in Germany and the UK sector with a total contract value of more than NOK 15 billion and is the largest Norwegian supplier of infrastructure for the offshore wind industry. More than 4,950 employees work at the company’s offices in Norway, Thailand and Singapore and the company owns modern offshore yards in Haugesund, Norway, and Laem Chabang and Map Ta Phut, Thailand, with significant prefabrication and construction capacity. The Ratos holding in Aibel is 32%.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 34 billion in net sales (LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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SWTCH Energy Secures $27.2mn in Series B Funding to Eliminate EV Charging Gaps in Buildings

Alantra

EV charging solutions provider achieves 10x year-over-year growth of its charging network and secures funding to further scale charger deployments in multifamily and commercial buildings across North America

SWTCH Energy (“SWTCH”), a company pioneering electric vehicle (EV) charging solutions for multi-tenant buildings across North America, today announced that it raised $27.2mn in Series B funding. The round was led by Blue Earth Capital (“BlueEarth”), the specialist global impact investor, on behalf of its investment vehicles with participation from Alantra’s Energy Transition Fund, Klima. Additional Series B investors include Active Impact Investments and GIGA Investments Corp. This new funding will enable SWTCH to accelerate charging in multi-tenant buildings, following a tenfold increase in the company’s charging network since its Series A, and advance its innovative EV charging and integrated energy management solutions for real estate customers.

SWTCH is meeting the massive demand for multifamily EV charging as EV sales hit an inflection point and governments amend building codes and zoning ordinances to require properties to be EV-ready. SWTCH’s turnkey EV charging solutions tackle the main deployment challenges for new and aging multifamily buildings from upfront costs and limited electrical capacity to charger reliability. The company’s energy management solution, SWTCH Control™, for example, provides unmatched visibility into building electrical loads and available capacity for EV charging. It allows building owners to install and manage 10 times more EV chargers with existing electrical infrastructure, future-proofing properties while avoiding costly upgrades.

With this raise, SWTCH is leveraging machine learning and artificial intelligence to advance SWTCH Control and its other market-leading EV charging solutions. The company is also expanding integrations with industry-leading software solutions to create a seamless experience for both property managers and tenants who drive EVs.

“Today, a third of Americans live in multifamily buildings, largely without home charging access. As right-to-charge laws and energy efficiency mandates continue to gain traction, SWTCH is in a unique position to help real estate customers close this gap,” says SWTCH CEO Carter Li. “We’re always looking for ways to push our solutions forward to make EV charging a no-brainer. With this new capital, we will scale our EV charging solutions to ensure no building, and no driver, is left behind in the EV future.”

“As a mission-driven, global investment firm with a strategy of scaling companies addressing climate change, Blue Earth Capital is proud to invest in SWTCH’s work to expand EV charging access,” says Kayode Akinola, Head of Private Equity at Blue Earth Capital. “We’re pleased to see SWTCH’s innovative deployments and technological leadership to date, and are excited to partner with the company to support their pivotal growth stage. Electrification and supporting the energy transition is a key investment theme for our climate growth strategy, and an important component of this is the continued expansion of EV infrastructure. The multifamily space served by SWTCH offers a valuable market opportunity to grow our clean energy economy.”

“We believe the multifamily housing market in North America is under-served with EV charging infrastructure. SWTCH’s capital-efficient, building-integrated model is the best we have seen in this space. We are proud to support SWTCH’s expansion, enabling them to enhance the EV charging experience for both drivers and property managers,” says Manuel Alamillo, Managing Director at Alantra’s Energy Transition Fund, Klima.

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Stonepeak and Shizen Energy to Form Asian Onshore Wind Platform

Stonepeak

NEW YORK & FUKUOKA, JAPAN – March 25, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, has completed an investment in TerraWind Renewables (“TerraWind”), an onshore wind energy platform, in partnership with Shizen Energy Inc. (“Shizen Energy”), a Japanese renewable energy company. As part of the transaction, Stonepeak has acquired an 80% interest in TerraWind, with Shizen Energy retaining the remaining 20% interest in the business. TerraWind will focus on the development of onshore wind projects in Japan and across the Asia-Pacific region.

Shizen Energy, founded in 2011 and headquartered in Japan, focuses on the development, financing, and management of renewable energy power plants. The Company’s wind power-focused business segment has operated for almost ten years under the stewardship of a highly experienced management team with a proven track record of developing and constructing onshore wind assets. As of today, the onshore wind platform consists of 30MW of late-stage development assets in Japan and a pipeline of over 300MW across the Asia-Pacific region.

“As the need for renewable and reliable energy in Asia continues to grow, we have seen energy transition efforts accelerate across the region. TerraWind will seek to address that growing demand through the strategic expansion of Shizen Energy’s onshore wind portfolio,” said Ryan Chua, Senior Managing Director at Stonepeak. “With a strong existing business, secured, long-term contracts, and a robust pipeline, we are confident in both TerraWind’s potential and fit as part of our global renewables strategy. We look forward to working with the Shizen Energy team – with whom we have a strong existing relationship through our existing portfolio company, Synera Renewable Energy – to bring these opportunities to bear and further the equitable distribution of renewable energy in the region.”

“We are excited to close this new partnership for onshore wind with Stonepeak which builds on our existing relationship with Stonepeak’s portfolio company Synera Renewable Energy, a leading Taiwanese offshore wind developer, whom we have partnered with since 2021. Shizen’s core business since its foundation has been solar PV, which we will continue to promote strongly, however our customers require a variety of solutions to achieve their decarbonization goals, including energy storage, energy management systems, EVs, and also wind power. By focusing on new onshore wind project development, we believe TerraWind will realize many attractive projects for our corporate PPA customers in Asia,” said Oliver Senter, Executive Officer at Shizen Energy responsible for Investment & Strategy.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately USD 61.1 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 Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.

About Shizen Energy Inc.

Founded in June 2011. With the company purpose of “We take action for the blue planet,” the company’s business includes development, financing, and asset management of renewable energy power plants using solar power, wind power, small-scale hydroelectric power, and biomass. Since 2016, the company has also been focusing on its international operations, expanding its development and power generation projects in areas such as Southeast Asia and Brazil. In 2019, the company also entered the energy tech business, offering micro-grid and VPP construction, smart charging and discharging services for EVs, and other services through its self-developed EMS (energy management system). Shizen Energy Group has been involved in more than 1 GW of renewable energy generation internationally.

・Headquarters: Fukuoka Ohori Bldg. 1-1-6 Arato, Chuo Ward, Fukuoka City, Fukuoka
・Representative Directors: Ken Isono, Kenji Kawado, Masaya Hasegawa
・URL: https://www.shizenenergy.net/en/

 

Contacts

Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (212) 907-5100

Shizen Energy Inc. Public Relations Department
se-comm@shizenenergy.net

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