Gas

Energy Capital Partners acquires majority interest in power services company PROENERGY

In addition to its 2.4 GW portfolio of operating power plants, PROENERGY provides repair and maintenance services for the global GE LM6000 and LM2500 turbine fleet, which has over 3,000 installed units.

Energy Capital Partners acquires majority interest in power services company PROENERGY
(Source: ProEnergy.)

Energy Capital Partners (ECP) has acquired a majority interest in PROENERGY, a vertically integrated aeroderivative gas turbine platform with a 2.4 GW fleet of contracted peaker plants in Texas, from affiliates of Eos Partners and ACON Investments.

Financial terms of the agreement were not disclosed.

In addition to its 2.4 GW portfolio of operating power plants, PROENERGY provides repair and maintenance services for the global GE LM6000 and LM2500 turbine fleet, which has over 3,000 installed units. Further, PROENERGY operates as an original equipment manufacturer and turnkey engineering, procurement and construction business delivering firm gas power generation solutions to utility customers. ECP maintains that PROENERGY benefits directly from electricity demand growth and is positioned to capitalize on the need for new aeroderivative turbines to address growing intermittency issues across U.S. power markets.

Together with ECP, PROENERGY will expand its platform and pipeline and pursue accretive growth opportunities PROENERGY will continue to be led by its executive team, including founder, president and CEO Jeff Canon.

“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.”

“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.