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
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.
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.
Trio Petroleum to Increase Monterey County Oil Production
2024-04-15 - Trio Petroleum’s HH-1 well in McCool Ranch and the HV-3A well in the Presidents Field collectively produce about 75 bbl/d.
E&P Highlights: April 29, 2024
2024-04-29 - Here’s a roundup of the latest E&P headlines, including a new contract award and drilling technology.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.