26th Apr 2019 08:55
LONDON (Alliance News) - Riverstone Energy Ltd said Friday its investment manger, Riverstone Holdings LCC, has formed a new European power producer, Onyx Strategic Investment Management I BV.
Riverstone Energy, a closed-ended investment company focused on energy companies, said Onyx will focus on Germany and the Netherlands after signing an agreement to buy several coal and biomass-fired power stations from affiliates of French utility firm Engie SA.
Onyx has acquired assets with about 2,350 megawatts of gross generation capacity.
Riverstone expects Onyx 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".
"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 USD4.9 billion of equity to the sector," said Riverstone Co-Founders David Leuschen and Pierre Lapeyre. "This transaction provides our investing partners with an additional high quality, system critical power generation portfolio, operated by an experienced and talented workforce."
Shares in Riverstone Energy were up 0.5% Friday morning at 981.00 pence each.
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