Energy Capital Partners will acquire EnCap-backed Triple Oak, which develops, acquires and monetizes renewable energy projects. (Source: Shutterstock)
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.
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