Produced Water Transfer on Dec. 19 has announced a strategic financial partnership with Orion Energy Partners LP to grow PWT’s existing midstream platform in the Cotton Valley and Haynesville. The senior secured credit facility from Orion Energy will provide PWT with capital to support the expansion of the company’s existing water disposal network in Shelby County, Texas and to fund the acquisition of an existing water gathering and disposal system.
PWT is a developer, owner and operator of a water gathering and disposal platform that transfers and disposes of produced and flowback water. Orion Energy provides creative capital solutions to middle market energy infrastructure businesses across North America and select international markets.
“Our partnership with Orion Energy will provide PWT with a long-term strategic and financial partner who can support the ongoing expansion of our business and our goal to serve the increased needs for sustainable water infrastructure in the Cotton Valley and Haynesville,” said Steven Kent II, PWT’s president and CEO. “The additional water midstream system acquired is synergistic to our existing platform and will offer future organic expansion opportunities.”
“PWT is a proven developer with an exceptional track record in the Cotton Valley and Haynesville and we are pleased to pursue this new financial partnership in support of their growth,” said Gerrit Nicholas, managing partner of Orion Energy. “More importantly, providing flexible capital to support PWT’s initial water infrastructure assets is only the beginning of a larger relationship. We look forward to supporting the Company as it creates a leading midstream water platform with a strong foundation and tremendous potential.”
Shearman & Sterling LLP and Jones Walker LLP acted as legal counsel to Orion Energy. Gray Reed & McGraw LLP acted as legal counsel to PWT.
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