Riverstone launches European power company – Riverstone Holdings LLC, manager of Riverstone Energy Limited, has announced the formation of Onyx Strategic Investment Management I BV, a newly formed European independent power producer.
Onyx will have an initial focus on Germany and the Netherlands, following the signing of an agreement to acquire a fleet of coal- and biomass-fired power stations from affiliates of ENGIE S.A. The assets to be acquired comprise approximately 2,350 megawatts of gross generation capacity (approximately 2,000 megawatts net) and include two of Europe’s most recently constructed thermal plants, which benefit from high efficiencies, substantial environmental controls, very low emissions profiles and the potential use of sustainable biomass. Riverstone expects that Onyx will be a critical component in the provision of reliable power generation in Western Europe and to serve as a platform for future opportunities in European power generation.
Riverstone already has over 27 gigawatts of capacity owned or developed, spanning every major deregulated power market and generation type. In 2016, Riverstone completed the take-private of Talen Energy and today owns one of the largest independent power producers in the United States. In addition, Riverstone is one of the leading low-carbon developers through its investments in the wind, solar and biomass sectors, resulting in over 14 gigawatts of new renewable energy capacity across North America, South America, Europe and Asia.
The investment will be funded with an initial equity commitment from the fund, Riverstone Global Energy and Power Fund VI, L.P., and other Riverstone managed vehicles. Further details on Riverstone Energy’s commitment will be provided upon close of the transaction, which is expected to occur later this year following the receipt of regulatory and other approvals.
RSE : Riverstone launches European power company