Energy Capital Partners (ECP) announced on Jan. 9 its acquisition of Triple Oak Power from EnCap Energy Transition Fund I and co-investors Yorktown Partners and Mercuria Energy, according to a Jan. 9 press release. Financial terms of the transaction weren’t disclosed.
Portland, Oregon-based Triple Oak, founded in 2020, develops, acquires and monetizes renewable energy projects. The EnCap-backed company manages a pipeline of more than 8 gigawatts of renewable development projects, most of which are utility-scale wind opportunities in the central and western U.S.
Schuyler Coppedge, partner at ECP, said Triple Oak’s team fits with “passion for developing integrated, diverse and sustainable electricity infrastructure and has leveraged its senior executives’ deep experience in renewables to execute on a unique strategic vision.”
“ECP has a longstanding history of investing at scale in the renewable energy space and we look forward to applying our expertise and capital to facilitate Triple Oak’s continued growth," Coppedge said.
Kellie Metcalf, managing partner at EnCap, said Triple Oak started with a contrarian idea to create a wind centric development platform. Through the management team’s efforts, Triple Oak “is now the preeminent U.S. wind development platform.”
Marathon Capital acted as the exclusive financial adviser to EnCap and Triple Oak on the transaction, and Sidley Austin LLP served as legal counsel to EnCap and Triple Oak.
Latham & Watkins LLP served as legal adviser to ECP.
Recommended Reading
E&P Highlights: March 11, 2024
2024-03-11 - Here’s a roundup of the latest E&P headlines, including a new bid round offshore Bangladesh and new contract awards.
Eni Finds 2nd Largest Discovery Offshore Côte d’Ivoire
2024-03-08 - Deepwater Calao Field’s potential resources are estimated at between 1 Bboe and 1.5 Bboe.
Orange Basin Serves Up More Light Oil
2024-03-15 - Galp’s Mopane-2X exploration well offshore Namibia found a significant column of hydrocarbons, and the operator is assessing commerciality of the discovery.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.