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EnCap Investments has successfully sold their 8 GW onshore wind platform, Triple Oak Power, to Energy Capital Partners (ECP). The deal is believed to generate sale proceeds between $500mn and $750mn, according to reports.
📈 ECP's Wind Power Play - ECP's acquisition of Triple Oak’s portfolio, primarily in western and Midwest markets, stands out in the current landscape, where high-quality wind development companies are scarce outside the ERCOT market in the US.
🌱 Three-Year Growth Story: EnCap's journey with Triple Oak began in Oct’20 through a majority equity investment, fuelling the latter’s strategy of focusing on bridging the gap from the early stage uncertainties in development to delivering shovel-ready, utility-scale wind facilities.
🔄 Continued Divestment Trend: This sale represents EnCap's third major renewable platform divestment, following the sale of Jupiter Power to BlackRock and $1.6bn deal with ENGIE to sell Broad Reach Power.
📊 EnCap's Strategic Approach: EnCap continues to execute its strategy of developing high-potential platforms and divesting them for maximized returns. As Shawn Cumberland, its managing partner, stated, "We create companies that are capital hogs, and then somebody big has to buy them and keep it going. That's the next part of this evolution.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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