Broad Reach Power Acquired by ENGIE from EnCap Energy Transition and Apollo Funds
EnCap Energy Transition today announced that French multinational utility company ENGIE has agreed to acquire the battery storage business of Houston-based Broad Reach Power from EnCap Energy Transition Fund I, its co-investment partners Yorktown Partners , Mercuria Energy and Apollo Infrastructure Funds (the “Apollo Funds”) for a total equity value in excess of $1 billion.
- EnCap Energy Transition today announced that French multinational utility company ENGIE has agreed to acquire the battery storage business of Houston-based Broad Reach Power from EnCap Energy Transition Fund I, its co-investment partners Yorktown Partners , Mercuria Energy and Apollo Infrastructure Funds (the “Apollo Funds”) for a total equity value in excess of $1 billion.
- Since Broad Reach was founded in 2019 with backing from EnCap Energy Transition, it has become a leading U.S. developer and operator of renewable energy and energy storage power projects in Texas, California and other markets.
- Apollo Funds acquired a 50% stake in the company and joined the Board in December 2021.
- Together with EnCap and the Broad Reach Power management team, we’ve built what we believe is the leading and most innovative battery storage IPP in North America.