Energy Capital Partners, a private equity firm, has entered the energy storage development business with the acquisition of New York–based Convergent Energy + Power, for an undisclosed price.
The companies announced the deal on June 10, nothing that upfront acquisition payments and ongoing funding for projects will amount to several hundred million dollars of investment. The funds will be channeled into a “storage independent power producer,” said CEO Johannes Rittershausen; self-financing projects for customers and owning them for the long haul.
Convergent develops, owns and operates large-scale storage for industrial customers and utilities. The company was named the largest commercial and industrial storage project for its 10-megawatt/20-megawatt-hour system in Ontario, Canada.
Energy Capital Partners owns and invests in a wide portfolio of energy companies, including gas generator Calpine and residential solar company Sunnova, but this marks its first storage acquisition. The firm acquired Convergent as part of its multibillion-dollar Fund IV.
Energy Capital focuses on existing and new-build energy infrastructure projects, primarily in North America.
