Partners Group has agreed to acquire US-based utility-scale power developer PowerTransitions from EnCap Investments in a deal that includes a commitment of more than $450m to fuel future growth.

PowerTransitions focuses on acquiring and redeveloping legacy and retiring thermal power assets with existing grid connections. These sites are then upgraded with co-located renewable technologies, including solar and battery energy storage systems, to shorten development timelines and bypass network upgrade costs.

The deal includes a 226MW seed portfolio of natural gas plants and a pipeline of 3GW of additional assets across US markets. Partners Group plans to implement a transformational value creation plan by adding co-located renewables and acquiring further thermal assets for bundled or standalone offerings.

“PowerTransitions’ strategy addresses major barriers in delivering reliable and clean power to match rising US demand,” said CEO Sean Long. “We see underutilised thermal and industrial sites as an attractive source of value creation and have identified significant near-term M&A opportunities.”

This marks Partners Group’s second US energy infrastructure investment in 2025, following its March acquisition of a 1.9GW portfolio of natural gas-fired plants in California via Middle River Power. It also follows the firm’s $400m majority investment in Sunsure Energy, an India-based renewables platform, in 2022.

The investment highlights growing private equity interest in flexible infrastructure assets that offer both stability and adaptability amid the US energy transition.

Source: Yahoo Finance

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