US private equity firm Quantum Energy Partners has set up a renewable energy business and through it has bought stakes in several utility-scale wind and battery storage projects.
Quantum, which focuses on the energy market, announced on Friday that the new company, called ConnectGen LLC, was formed by Quantum Energy Partners Fund VII and is based in Houston, Texas. In line with the establishment, ConnectGen has bought the non-transmission development assets of Clean Line Energy Partners LLC, including its interests in a 600-MW wind scheme and other utility-scale wind and energy storage projects.
Clean Line Energy Partners will keep its existing transmission assets.
“We believe that there is vast potential for growth in the renewable energy industry [..],” said Dheeraj Verma, Quantum’s president. “[..] we are confident that our understanding of the energy value chain, our significant experience in the renewables space and our disciplined investment approach will enable us to generate attractive risk-adjusted returns for our investors,” he added.
ConnectGen will be led by Jayshree Desai as president and David Berry as chief financial officer and head of strategy, both of whom previously held top management positions at Clean Line and Horizon Wind Energy, now known as EDP Renewables.
Choose your newsletter by Renewables Now. Join for free!