Energy Capital Partners buys energy storage expert Convergent

Source: SUSI Partners

July 10 (Renewables Now) - US private equity and credit investment firm Energy Capital Partners (ECP) has taken over energy storage solutions developer Convergent Energy + Power.

ECP said in a statement today that the acquisition includes financing for Convergent’s future pipeline of projects. It gave no financial details about the deal that was signed in April 2019.

Founded in 2011, Convergent has so far raised and deployed more than USD 70 million (EUR 62.2m) of equity and debt financing into over 120 MW/240 MWh of energy storage projects in operation, construction, or under contract. The company developed and runs the largest behind-the-meter energy storage system on the continent.

Marathon Capital and Troutman Sanders advised Convergent in this transaction, while Latham and Watkins served as legal advisor to the buyer.

(USD 1.0 = EUR 0.890)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription