ECP related stories
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Prospect Partners Recapitalizes Waste Harmonics with Expedition Capital PartnersProspect Partners, LLC announced the recapitalization of Waste Harmonics, LLC, in partnership with Chicago private equity firm Expedition Capital Partners, LLC. Based in Victor, New York, Waste Harmonics provides outsourced waste management services for North American companies. It's now the eleventh platform company in Prospect Partners III, L.P.
- Orion Energy Partners rounds out team with new hires
Private equity firm Orion Energy Partners announced several new hires, including managing directors Rui Viana (head of risk optimization) and Karen Vejseli (chief financial officer). The additional personnel represent the completion of Orion Energy's initial staffing plan as originally conceived.
- Energy Capital Partners invests $300 mln in Sunnova
Houston-based Sunnova Energy Corp, a provider of rooftop solar service to homeowners, secured a $300 million equity investment from Energy Capital Partners. In November, Sunnova raised about $300 million from investors including Triangle Peak Partners and Franklin Square Capital Partners.
- Dynegy, Energy Capital to buy ENGIE U.S. follis portfolio for $3.3 bln
Dynegy Inc and Energy Capital Partners said Thursday they have formed a joint venture to buy ENGIE’s United States fossil portfolio. The deal includes 8,731 megawatts of generation capacity located in ERCOT, PJM, and ISO-New England. The buyers are committing $1.185 billion in equity to the $3.3 billion deal, which includes $2.25 billion in committed debt facilities. Dynegy will own 65 percent of the joint venture, named Atlas Power, while Energy Capital will have 35 percent. Dynegy is investing approximately $770 million while Energy Capital is putting in $415 million.
- Energy Capital Partners sells EnergySolutions's PP&T unit
EnergySolutions Inc. has sold its Projects, Products and Technology division to WS Atkins plc for $318 million. Energy Capital Partners is the seller. The deal includes EnergySolutions’ North American government, Europe, and Asia businesses and about 650 employees. EnergySolutions will retain its logistics, processing and disposal (“LP&D”) business, its reactor decommissioning business, including current projects at Zion, IL and LaCrosse, WI, and its North American utility services. Morgan Joseph TriArtisan LLC advised EnergySolutions.
PE HUB First ReadFirst Read kicks off the week with news General Electic will sell its Australian commercial lending business to Bain Capital's Sankaty Advisors, World Bank says climate change could impoverish millions and Snapchat now gets over six billion views a day.
- Energy Capital Partners seeks buyers for Summit Midstream stake: Bloomberg
Private equity firm Energy Capital Partners is looking for buyers for its interest in Summit Midstream Partners LP (SMLP.N), a deal that would include a minority stake in the pipeline operator as well as ownership of its general partner, Bloomberg reported.
Co-investing conundrum: Good idea or too risky?Limited partner interest in co-investments and direct investments fell off a cliff in the second half of 2014, according to Preqin survey data. The percentage of investors who categorized themselves as active co-investors fell to 18 percent, roughly half of what it was six months earlier.
- ECP to invest up to $500 mln in Next Wave
Energy Capital Partners has made a commitment to invest up to $500 million in equity funding in Houston-based energy company Next Wave Energy Partners. Next Wave's senior management joined ECP on the transaction. According to Next Wave, the capital will be used to develop, operate, acquire and expand midstream and downstream petrochemical and fuel assets.
- Relativity Capital sells MHF to PE-backed EnergySolutions
EnergySolutions LLC, which is backed by Energy Capital Partners, has acquired MHF Services from Relativity Capital. No financial terms were disclosed. Based in Pittsburgh, MHF is a provider of specialized logistical solutions related to the movement of environmentally sensitive materials. Houlihan Lokey served as financial advisor to Relativity Capital and MHF on the transaction.