- Cullen Hay leads OnPoint as CEO
- OnPoint is headquartered in Houston
- Founded in 2001, ArcLight has invested about $27 billion in 122 transactions
ArcLight Capital Partners has formed OnPoint Energy, a retail electric provider. No financial terms were disclosed.
Cullen Hay leads OnPoint as CEO. OnPoint is headquartered in Houston.
“ArcLight is excited to partner with the OnPoint team to enter the retail market,” said Carter Ward, a partner at ArcLight, in a statement. “As one of the largest power generators in North America, the launch of this platform is an important step in maximizing the value of our fleet. ArcLight has committed $50 million to retail initiatives and look to expand into additional competitive markets in the coming year.”
Kirkland & Ellis served as legal counsel on the transaction to ArcLight. King & Spalding served as legal counsel on the transaction to OnPoint.
ArcLight is a private equity firm focused on energy, infrastructure and energy transitions. Founded in 2001, ArcLight has invested approximately $27 billion in 122 transactions, including over $11 billion of equity capital into the electrification segment.