Energy Capital Partners Announces Formation of Centennial Renewable Power, LLC and Joint Agreement with Renova Capital Partners
Jul 11, 2011
Short Hills, New Jersey and Denver, Colorado – July 11, 2011 -- Energy Capital Partners today announced the formation of Centennial Renewable Power, LLC, a subsidiary of Energy Capital Partners II, LP, and a partnership with Renova Capital Partners to jointly develop and acquire renewable power projects.
With the formation of Centennial, ECP is seeking to invest up to $250 million of equity in renewable projects over the next three years to create a leading diversified renewable power company. Centennial’s initial focus will be on acquiring and developing geothermal, biomass, waste-to-energy (including landfill gas) and solar assets.
Renova, a founder and major shareholder of solar developer Main Street Power, is contributing its pipeline of projects in development which will provide Centennial initial and on-going investment opportunities. Centennial will seek to partner with developers on well positioned renewable projects that otherwise do not have adequate access to capital or economies of scale to come to successful fruition. ECP will fund Centennial’s renewable energy platform on a project-by-project basis. Centennial will also look to acquire operating assets and fund projects already in advanced stages of development.
Rahul Advani, a principal at ECP, said, “We are very excited about the formation of Centennial and the new partnership with Renova, which we believe will enable us to provide needed strategic capital to the renewable power sector.” He added, “the relationship with Renova’s impressive team complements ECP’s existing capabilities and expands our breadth and depth in the renewable sector.”
Phil Caplan, Bob Doherty and Rick Tallman, the founding partners of Renova said , “We are delighted to have established this partnership with Energy Capital. Their investment team and track record are world-class, and we look forward to providing critically-needed capital in an underserved market. This partnership will enable us to expand our pipeline and relationships with our on-the-ground development partners.”
About Energy Capital Partners
ECP is a private equity firm focused on investing in the power generation, midstream gas, renewable and electric transmission sectors of energy infrastructure. ECP's management has substantial experience leading successful energy companies and energy infrastructure investments, including in the renewable sector. ECP has offices in Short Hills, New Jersey and San Diego, California. For more information, visit www.ecpartners.com.
About Renova Capital Partners
Renova Capital is a Denver-based private investment partnership founded in 2007 to finance, develop, own and aggregate middle-market renewable energy infrastructure assets. Renova is focused on projects that generate clean, inexpensive and reliable base load power. Renova partners with best-in-class developers by leveraging in-house resources and capital with their project development experience and technical expertise. For more information, visit www.renovacap.com
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