Energy Capital Partners (ECP) announced on Jan. 9 its acquisition of Triple Oak Power from EnCap Energy Transition Fund I and co-investors Yorktown Partners and Mercuria Energy, according to a Jan. 9 press release. Financial terms of the transaction weren’t disclosed.
Portland, Oregon-based Triple Oak, founded in 2020, develops, acquires and monetizes renewable energy projects. The EnCap-backed company manages a pipeline of more than 8 gigawatts of renewable development projects, most of which are utility-scale wind opportunities in the central and western U.S.
Schuyler Coppedge, partner at ECP, said Triple Oak’s team fits with “passion for developing integrated, diverse and sustainable electricity infrastructure and has leveraged its senior executives’ deep experience in renewables to execute on a unique strategic vision.”
“ECP has a longstanding history of investing at scale in the renewable energy space and we look forward to applying our expertise and capital to facilitate Triple Oak’s continued growth," Coppedge said.
Kellie Metcalf, managing partner at EnCap, said Triple Oak started with a contrarian idea to create a wind centric development platform. Through the management team’s efforts, Triple Oak “is now the preeminent U.S. wind development platform.”
Marathon Capital acted as the exclusive financial adviser to EnCap and Triple Oak on the transaction, and Sidley Austin LLP served as legal counsel to EnCap and Triple Oak.
Latham & Watkins LLP served as legal adviser to ECP.
Recommended Reading
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
OFS Sector Loses Jobs, but Trade Org Says Growth Potential Remains
2024-05-08 - According to analysis by the Energy Workforce & Technology Council, the OFS job market may still have potential for growth despite a slight decrease in the sector in April.
Exxon Appoints Maria Jelescu Dreyfus to Board
2024-05-08 - Dreyfus is CEO and founder of Ardinall Investment Management, a sustainable investment firm, and currently serves on the board of Cadiz Inc. and Canada-based pension fund CDPQ.
E&P BW Energy Undergoes ‘Technical’ Ownership Restructuring
2024-05-08 - The restructuring will not involve any change to the ultimate control of BW Energy as the shares currently held by BW Group will be sold to BW Energy Holdings.
Hess Midstream Subsidiary Plans Private Offering of Senior Notes
2024-05-08 - The proposed issuance is not expected to have a meaningful impact on Hess Midstream’s leverage and credit profile, according to Fitch Ratings.