Energy Capital Partners has agreed to exit UK-based Triton Power to British renewable power generator SSE and Norwegian oil and gas company Equinor in a £341m deal.
Triton Power operates Saltend Power Station which is a 1.2GW combined cycle gas turbine and combined heat and power station located on the north of the Humber Estuary in East Yorkshire.
The transaction is expected to complete in September subject to UK National Security Filing and EU Merger Control.
Rahman D’Argenio, partner at Energy Capital Partners, said, “Over the course of our ownership, ECP is proud of the progress we and the Triton team have made in re-positioning the portfolio for a rapidly decarbonising world.
“With the redevelopment of Deeside into a carbon neutral provider of inertia completed; the H2H Saltend project underway; and this transition to experienced and similarly aligned new owners in SSE Thermal and Equinor, we believe the business will continue to serve as a model for environmentally responsible power generation amidst the ongoing energy transition.”
ECP closed a $1.6bn continuation fund last week to acquire a portion of Calpine Corporation from ECP III and ECP IV, along with consortium investors.
It closed ECP Fund IV on $3.3bn in 2020, missing the $5bn target that it disclosed in an SEC filing.
The firm closed Fund III on $5bn in 2014 and previously raised $2.25bn for Fund I in 2006, before going on to amass $4.34bn for Fund II four years later.
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