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.
Riverstone Energy Limited:
+44 203 206 6300