Global law firm White & Case LLP has advised Broad Reach Power LLC (Broad Reach), a leading utility-scale energy storage and renewable energy platform in the US, on its sale of a 50% equity interest to funds managed by Apollo. EnCap Investments L.P. ("EnCap") and its co-investment partners Yorktown Partners and Mercuria Energy will hold the remaining 50% interest.
The transaction marks the first sale for EnCap Energy Transition Fund I and is expected to close in December 2021.
Broad Reach is a leading energy storage platform in the US, applying advanced energy storage technology and power market analytics to improve the performance of renewable and power generation facilities. The company has more than 1.4 gigawatt hours of storage assets in operation or under construction and controls a 21-gigawatt (“GW”) portfolio of utility-scale wind, solar and energy storage power projects across the country.
Since 1988, EnCap has been the leading provider of venture capital to the independent sector of the US energy industry. The firm has raised 22 institutional investment funds totaling approximately US$38 billion and currently manages capital on behalf of more than 350 US and international investors.
The White & Case team that advised on the transaction was led by partners Michael Shenberg in New York and Mingda Zhao in Houston. The team also included associates Hailey Bair in New York; and Leslie Vaughn, Clint Farha and Kabir Phaguda all in Houston.
Press contact
For more information please speak to your local media contact.
