Energy Capital Partners (ECP) has acquired a majority interest in power solutions provider PROENERGY Holdings from affiliates of Eos Partners and ACON Investments, according to a Sept. 5 press release. The financial terms of the deal were not disclosed.
PROENERGY’s portfolio includes a vertically integrated aeroderivative gas turbine platform with a 2.4-gigawatt fleet of contracted peakers in Texas.
The equipment manufacturer for gas power generation solutions also provides maintenance for the global GE LM6000 and LM2500 turbine fleet.
“PROENERGY’s integrated and diversified platform, advanced technical capabilities and experienced team have allowed the company to capture significant market share,” said Tyler Kopp, principal at ECP. “The power sector’s reliability and flexibility needs are growing and changing very quickly. PROENERGY is uniquely positioned to meet this challenge.”
Missouri-based PROENERGY will continue to be led by its executive team, including Founder, President and CEO Jeff Canon.
Latham & Watkins LLP acted as legal adviser to ECP on the transaction. Orrick, Herrington & Sutcliffe LLP acted as legal adviser to PROENERGY.
Winston & Strawn LLP acted as legal adviser to PROENERGY, Eos Partners and ACON Investments. PEI Global Partners LLC acted as financial adviser.
Recommended Reading
SLB Launches New GenAI Platform Lumi
2024-09-17 - Lumi’s machine learning capabilities will be used to enhance SLB’s Delfi digital platform offering for better automation and operational efficiencies.
AI: Herald of New Shale Age or Last-ditch Effort to Save Industry?
2024-10-03 - AI’s ability to optimize may usher oil and gas into a new age—or simply improve on past unconventional recovery methods—depending on who you talk to.
PakEnergy Plows Ahead with New SCADA Solution
2024-09-17 - After acquiring Plow Technologies, home of the OnPing SCADA platform, PakEnergy looks to enhance its remote monitoring solutions.
BP to Use Palantir Software to Improve AI in Operations
2024-09-09 - BP and Palantir have agreed to a five-year strategic relationship in which Palantir’s AIP software will use large language models to improve BP operations.
HNR Increases Permian Efficiencies with Automation Rollout
2024-09-13 - Upon completion of a pilot test of the new application, the technology will be rolled out to the rest of HNR Acquisition Corp.’s field operators.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.