Partners Group to acquire utility-scale power developer PowerTransitions
BROOMFIELD — Partners Group Holding AG, a Swiss-based private-equity firm with North American headquarters in Broomfield, has agreed to acquire PowerTransitions LLC, a Houston-based utility-scale power developer.
Partners Group is acquiring the company from EnCap Investments and plans to invest $450 million to accelerate PowerTransitions’ growth.
PowerTransitions acquires and redevelops legacy or retiring thermal power assets with existing grid connections that can be enhanced or modified to add new generation through co-location of solar and/or battery energy storage systems.
Partners Group also intends to acquire natural gas plants and thermal-power assets as part of a co-location strategy.
“PowerTransitions will play a critical role in meeting power demand in the US by increasing grid capacity and improving reliability by optimizing underutilized points of interconnection,” Ed Diffendal, co-head of Partners Group’s Infrastructure Americas division, said in a prepared statement. “We have strong thematic conviction in the Company’s strategy of co-locating renewables with legacy power assets and plan to accelerate its growth through expanding its operating asset base while continuing to re-develop non-operating sites. We look forward to working with the experienced management team on our value creation plan.”
The PowerTransitions acquisition comes amid rising demand for electricity generation from data centers, reshoring of manufacturing and electrification of the economy. That demand is expected to require 130 gigawatts of new power-generation capacity in the next five years, demand that “can only be met with a ‘multi technology’ approach,” according to a Partners Group press release.
“We believe aged or retired thermal and industrial sites represent a large, underutilized pool of assets with significant value creation potential and we have identified a robust pipeline of actionable near-term M&A opportunities,” Sean Long, CEO of PowerTransitions, said in a prepared statement. “We will leverage Partners Group’s significant experience in the power sector to capitalize on this opportunity.”
Partners Group’s infrastructure business has $27 billion in assets under management worldwide.
Partners Group Holding AG, a Swiss-based private-equity firm with North American headquarters in Broomfield, has agreed to acquire PowerTransitions LLC, a Houston-based utility-scale power developer.
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