Conrad Energy to expand its operational portfolio to more than 440MW at 28 sites across the UK
I Squared Capital portfolio company Conrad Energy has agreed to acquire Viridis Power to double its share of flexible generation for the UK power market.
The acquisition takes the operational portfolio of Conrad Energy to more than 440MW at 28 sites across the UK.
Established in 2017, Conrad Energy an independent power producer focused on flexible power generation, battery storage and energy management services for network and commercial customers.
With the acquisition, Conrad Energy is expected to further strengthen its power generation, trading and operational capabilities.
I Squared Capital managing partner Gautam Bhandari said: “The UK’s energy market is at a pivotal point. Demand and usage patterns are changing and the future of nuclear remains uncertain.
“Localised, flexible generation will be vital to bridge the gap as the country integrates more renewables into its energy mix. Renewables are here to stay, and we need a cost-effective solution that will smooth the transition.
“This investment will help ensure the future security and stability of the UK’s national energy supply as the country pursues its net zero ambitions.”
Conrad to hold 1.1GW of flexible generation assets with the acquisition
The acquisition combines Conrad’s existing assets with over 320MW from Viridis Power.
It is expected to result in an aggregate portfolio of 1.1GW of flexible generation assets in operation or various stages of construction and development for Conrad.
Conrad currently offers solution for commercial customers that meet their energy needs, including flexible generators, storage and solar.
The company is also targeting to build a total storage portfolio of 200MW.
It is one of 18 global platforms created by US-based private equity firm I Squared Capital to meet a growing demand for infrastructure.
In September, I Squared Capital has announced the completion of sale of Etenorte and Eteselva to Interconexión Eléctrica – ISA Peru.
Etenorte and Eteselva have more than 740km of power transmission lines in Peru.