On behalf of its clients, Partners Group has agreed to acquire PowerTransitions, a utility-scale power developer in the United States, from EnCap Investments.
PowerTransitions acquires and redevelops legacy or retiring thermal power assets with existing grid connections that can be enhanced or modified to add new generation through the colocation of solar and/or battery energy storage systems. Partners Group plans to invest more than $450 million of capital to accelerate the company’s future growth.
PowerTransitions has plans to acquire a 226-megawatt seed portfolio of natural gas plants at the same time as Partners Group’s investment and also has identified a 3-gigawatt pipeline of thermal power assets in constrained markets across the United States that are attractive for this strategy.
PowerTransitions has strong infrastructure characteristics due to the stable cash flow generation of the seed portfolio and the planned evolution of its plants towards long
