On 30 November 2019, Riverstone Holdings LLC (“Riverstone”), via its newly formed power-generation company Onyx Power, completed the acquisition of ENGIE S.A.’s coal- and biomass-fired power plants in Germany and the Netherlands.
Upon completion of the transaction, Onyx Power operates five plants comprising approximately 2,350 megawatts of gross installed capacity across sites at Wilhelmshaven, Zolling, Farge and Rotterdam (NL). This portfolio includes 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. As a provider of reliable and safe power supplies, Onyx Power will contribute to energy security and grid stability, thus performing a critical role in enabling Europe’s energy transition.
Onyx Power is backed by Riverstone, one of the largest and most experienced investors in the energy sector globally. Riverstone has a strong track record of safely and profitably managing power generation assets, with over 29 gigawatts of capacity owned or developed, spanning every major deregulated power market and generation type.
REL has committed $66 million to the investment, of which $31 million was funded at closing.
Find out more on the Onyx Power website.