Energy Capital Partners has acquired a majority interest in PROENERGY Holdings (“PROENERGY”), a vertically integrated aeroderivative gas turbine platform with a 2.4 GW fleet of contracted peakers in Texas, from affiliates of Eos Partners and ACON Investments. Financial terms were not disclosed.
In addition to its 2.4 GW portfolio of operating power plants, PROENERGY provides repair and maintenance services for the global GE LM6000 and LM2500 turbine fleet (over 3,000 installed units). Furthermore, PROENERGY operates as an original equipment manufacturer and turnkey engineering, procurement and construction business delivering firm gas power generation solutions to utility customers. PROENERGY benefits directly from electricity demand growth and is positioned to capitalize on the need for new aeroderivative turbines as the flexible, peaking technology best suited to address growing intermittency issues across U.S. power markets.
Together with ECP, PROENERGY will expand its platform and pipeline, pursue accretive growth opportunities and build on its established reputation for best-in-class performance, industry-leading turnaround times, and lower customer costs. PROENERGY will continue to be led by its deeply experienced executive team, including Founder, President and Chief Executive Officer Jeff Canon, a pioneer in the turbine industry with over 40 years of experience.
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“We are thrilled to partner with, and invest alongside, Jeff Canon and the PROENERGY team,” said Andrew Gilbert, Partner at ECP. “Several of our portfolio companies are satisfied repeat customers and we have seen firsthand the value of the PROENERGY platform and its talented team. We look forward to helping PROENERGY grow and achieve its ambitious goals.”
Tyler Kopp, Principal at ECP, added, “PROENERGY’s integrated and diversified platform, advanced technical capabilities and experienced team have allowed the company to capture significant market share. The power sector’s reliability and flexibility needs are growing and changing very quickly. PROENERGY is uniquely positioned to meet this challenge.”
“Our core values, culture, and commitment to safety remain unchanged,” says Jeff Canon, PROENERGY President and CEO. “ECP’s extensive experience in the energy sector will be a tremendous asset. Together, we are dedicated to driving growth, fostering innovation, advancing sustainability, and delivering unparalleled value to our industry.”
Latham & Watkins LLP acted as legal advisor to ECP on the transaction. Orrick, Herrington & Sutcliffe LLP acted as legal advisor to PROENERGY. Winston & Strawn LLP acted as legal advisor to PROENERGY, Eos Partners and ACON Investments. PEI Global Partners LLC acted as financial advisor.
SOURCE: Businesswire