Energy Capital Partners (ECP), a private equity and credit investment firm, announced the final acquisition of Convergent Energy + Power (Convergent), the independent developer of energy storage solutions in North America.
Image: Energy Capital Partners has purchased Convergent Energy + Power. Photo: Image by rawpixel from Pixabay.
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.
Source: Company Press Release