Energy Capital Partners (ECP) Acquires Majority Interest in PROENERGY
SEDALIA, MISSOURI and SUMMIT, NEW JERSEY – September 5, 2024 – Energy Capital Partners (“ECP”) has acquired a majority interest in PROENERGY Holdings (“PROENERGY”) from affiliates of Eos Partners and ACON Investments. Financial terms were not disclosed.
PROENERGY is a vertically integrated aeroderivative gas turbine platform with three market-facing businesses: its development arm owns and operates a 2.4 GW fleet of contracted peakers in Texas; its aeroderivative services arm provides complete repair and maintenance services for the global LM6000 and LM2500 turbine fleet; its equipment and engineering, procurement and construction (EPC) business installs turnkey facilities through the manufacturing of turbines and power generation equipment.
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.
“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.
# # #
About ECP
Energy Capital Partners (ECP), founded in 2005, is a leading equity and credit investor across energy transition, electrification and decarbonization infrastructure assets. The ECP team, comprised of 90 people with 800 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 100 equity (representing nearly $60 billion of enterprise value) and over 20 credit transactions since inception. For more information, visit www.ecpgp.com.