Energy Capital Partners has acquired Convergent Energy + Power, a developer of energy storage solutions in North America. No financial terms were disclosed.
NEW YORK–(BUSINESS WIRE)–Energy Capital Partners (ECP), a private equity and credit investment firm with ~$19 billion in capital commitments, announced today the final acquisition of Convergent Energy + Power (Convergent), the leading independent developer of energy storage solutions in North America. Since its founding in 2011, Convergent has raised and deployed over $70M of equity and debt financing into over 120 MW / 240 MWh of energy storage projects. ECP’s acquisition includes funding for Convergent’s future pipeline of projects; the storage sector is forecasted to expand 13 times over the coming five years.
“A flexible and scalable capital structure is crucial as Convergent continues to grow its pipeline in the rapidly evolving energy storage sector,” said Frank Genova III, Convergent’s Chief Operating and Financial Officer. “ECP is the perfect partner for us to meet these capital requirements demanded by the market.”
“Energy Capital Partners is excited to begin a long-term partnership with Convergent as it executes on its significant pipeline of energy storage development opportunities,” said Andrew Gilbert at ECP. “Convergent’s strong track record and innovative development capabilities position the company well to capitalize on an enormous market opportunity in energy storage.”
Convergent lowers electricity bills for commercial and industrial customers and helps utilities manage an increasingly decentralized and renewables-driven landscape; the company developed and operates the largest behind-the-meter energy storage system in North America and was the first to develop a non-wires-alternative for utility infrastructure.
This acquisition provides Convergent with the resources to continue setting milestones for the energy storage sector. “Convergent is defined by results,” said Johannes Rittershausen, Chief Executive Officer of Convergent. “ECP’s acquisition enables us to continue our track-record of success knowing that we have the financial resources to execute any project that makes sense.”
The transaction was signed in April 2019. Convergent was advised in the transaction by Marathon Capital and Troutman Sanders. ECP’s legal advisor was Latham and Watkins.
About Convergent Energy + Power
Convergent Energy + Power (Convergent) is the leading independent developer of energy storage solutions in North America. Powered by results, Convergent manages all aspects of the energy storage asset development cycle to help customers navigate an increasingly expensive, decentralized, and renewable-driven energy landscape. Convergent deploys state-of-the-art technology to significantly lower commercial and industrial customers’ electricity bills and provide utilities with cost-effective grid solutions. With over 120 MWs and 240 MWhs of projects in operation, construction, or under contract, Convergent is also the largest independent operator of energy storage in North America. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.
About Energy Capital Partners
Energy Capital Partners is a private equity and credit investment firm with ~$19 billion in capital commitments. With offices in Short Hills, NJ, New York, NY, Houston, TX, San Diego, CA, and Seoul, South Korea. Energy Capital Partners leverages its team’s decades of energy industry experience and expertise in investing and managing energy infrastructure assets and businesses to serve its investors and portfolio companies. The firm focuses on investing in the traditional and renewable power generation, midstream oil and gas, environmental infrastructure and related energy services sectors of North America’s energy infrastructure.
For more information, visit www.ecpartners.com.