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)