Energy Capital Partners completes acquisition of Convergent Energy and Power
Private equity firm Energy Capital Partners has completed the acquisition of Convergent Energy + Power, a New York-based company involved in energy storage development business.
Convergent develops, owns and operates large-scale storage for industrial customers and utilities. It distinguished itself as a rare startup that chose to self-fund its projects, raising $70 million to do so. Convergent also took the title for a largest commercial and industrial storage project, with a 10-megawatt/20-megawatt-hour system in Ontario, Canada.
Energy Capital Partners owns and invests in a wide portfolio of energy companies, including gas generator Calpine and residential solar company Sunnova, but this marks its first storage acquisition. The firm acquired Convergent as part of its multibillion-dollar Fund IV.
Financial details of the deal were not disclosed.
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