Riverstone Energy Limited REL Announces European Power Commitment (2214X)
April 26 2019 - 2:03AM
UK Regulatory
TIDMRSE
RNS Number : 2214X
Riverstone Energy Limited
26 April 2019
26 April 2019
Riverstone Energy Limited Announces European Power
Commitment
London, UK (26 April 2019). Riverstone Holdings LLC
("Riverstone"), the Manager of Riverstone Energy Limited ("REL"),
has announced the formation of Onyx Strategic Investment Management
I BV (the "Company"), a newly formed European independent power
producer.
The Company will have an initial focus on Germany and the
Netherlands, following the signing of an agreement to acquire a
fleet of coal- and biomass-fired power stations from affiliates of
ENGIE S.A. The assets to be acquired comprise approximately 2,350
megawatts of gross generation capacity (approximately 2,000
megawatts net) and include two of Europe's most recently
constructed thermal plants, which benefit from high efficiencies,
substantial environmental controls, very low emissions profiles and
the potential use of sustainable biomass. Riverstone expects the
Company to be a critical component in the provision of reliable
power generation in Western Europe and to serve as a platform for
future opportunities in European power generation.
Riverstone has a strong track record of safely and profitably
managing power generation assets, with over 27 gigawatts of
capacity owned or developed, spanning every major deregulated power
market and generation type. In 2016, Riverstone completed the
take-private of Talen Energy and today owns one of the largest
independent power producers in the United States. In addition,
Riverstone is one of the leading low-carbon developers through its
investments in the wind, solar and biomass sectors, resulting in
over 14 gigawatts of new renewable energy capacity across North
America, South America, Europe and Asia.
"Today's announcement is a great example of Riverstone's
increased focus on its leading investment platform in global power
and electric infrastructure, which has committed over $4.9 billion
of equity to the sector," said Riverstone Co-Founders David
Leuschen and Pierre Lapeyre, Jr. "This transaction provides our
investing partners with an additional high quality, system critical
power generation portfolio, operated by an experienced and talented
workforce."
The investment will be funded with an initial equity commitment
from REL, Riverstone Global Energy and Power Fund VI, L.P., and
other Riverstone managed vehicles. Further details on REL's
commitment will be provided upon close of the transaction, which is
expected to occur later this year following the receipt of
regulatory and other approvals.
About Riverstone Holdings LLC
Riverstone is an energy and power--focused private investment
firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre,
Jr. with approximately US$38 billion of capital raised. Riverstone
conducts buyout and growth capital investments in the E&P,
midstream, oilfield services, power, and renewable sectors of the
energy industry. With offices in New York, London, Houston, and
Mexico City, Riverstone has committed over US$37 billion to more
than 170 investments in North America, Latin America, Europe,
Africa, Asia, and Australia.
For further details, see www.RiverstoneLLC.com
About Riverstone Energy Limited
REL is a closed-ended investment company that invests
exclusively in the global energy industry, with a particular focus
on the exploration & production and midstream sectors. REL aims
to capitalise on the opportunities presented by Riverstone's energy
investment platform. REL is a member of the FTSE 250 and its
ordinary shares are listed on the London Stock Exchange, trading
under the symbol RSE. REL has 12 active investments spanning
conventional and unconventional oil and gas activities in the
Continental U.S., Western Canada, Gulf of Mexico, Mexico and
credit.
For further details, see www.RiverstoneREL.com
Neither the contents of Riverstone Energy Limited's website nor
the contents of any website accessible from hyperlinks on the
websites (or any other website) is incorporated into, or forms part
of, this announcement.
Media Contacts:
Riverstone Energy Limited:
Brian Potskowski
Natasha Fowlie
+44 203 206 6300
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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