In February 2016, ECP and Dynegy announced the formation of a joint-venture (Atlast Power) and subsequent acquisition of ENGIE’s 8.7 GW North American generation fleet. The joint-venture was owned 65% by Dynegy and 35% by ECP. At the time of the transaction, the debt markets were in turmoil and ECP stepped in with a capital solution for Dynegy. During the period between signing and closing, the financing markets recovered and Dynegy was able to raise a more efficient financing at the Dynegy corporate level. As such, Dynegy and ECP negotiated an early buyout of ECP’s interest in Atlas prior to the actual closing and funding of the transaction.
ECP was left with an approximate 15% residual stake in the common equity of Dynegy. In October 2017, Vistra Energy (NYSE: VST) announced a merger with Dynegy and the transaction closed in April 2018. ECP has since fully exited its position in the business.