Relevate Doubles Capacity with Gravity Renewables Acquisition
Deal News | Dec 05, 2024 | Globenewswire
Relevate Power has announced the acquisition of Gravity Renewables, expanding its sustainable baseload power capacity. The deal, financed by funds managed by Apollo, adds 40 MW of assets to Relevate's portfolio, significantly boosting its generation capabilities. With this acquisition, Relevate not only strengthens its presence in the Northeastern United States but also plans to establish a new remote operations center. This strategic move is supported by over $20 million in Department of Energy grants for the acquired assets. Furthermore, the transaction marks a broader partnership with Apollo, which will see its representative join Relevate's Board. This acquisition is labeled a 'game-changer' and is part of Relevate's larger strategy to consolidate the fragmented market, as per the company's Chief Investment Officer, Goksenin Ozturkeri. Legal advisory for the transaction was provided by King and Spalding and The West Firm for Relevate, while Vinson & Elkins advised Apollo Funds.
Sectors
- Renewable Energy
- Private Equity
- Infrastructure
Geography
- United States – The acquisition enhances Relevate's presence in the Northeastern United States, where the company will locate its new remote operations center.
Industry
- Renewable Energy – The article discusses an acquisition in the renewable energy sector, focusing on hydropower projects and solar energy assets.
- Private Equity – The transaction involves funds managed by Apollo, a private equity firm, highlighting its role in financing the acquisition.
- Infrastructure – The acquisition of hydropower plants and a solar project falls under sustainable infrastructure development.
Financials
- 40 MW – The additional power capacity added to Relevate's portfolio through the acquisition.
- $20 million – Grants awarded by the Department of Energy for the acquired assets.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Relevate Power | Acquirer | Company | A company focused on redeveloping hydropower plants, founded from a merger in 2022. |
| Gravity Renewables | Target Company | Company | A company focused on sustainable energy projects, including hydropower and solar. |
| Apollo | Financier | Company | A global alternative asset manager supporting the acquisition through its managed funds. |
| Greenbacker Development Opportunities Fund | Investor in Relevate | Company | An investor in sustainable infrastructure with a focus on middle-market private equity. |
| King and Spalding; The West Firm | Legal Advisor to Relevate | Company | Provided legal advisory services to Relevate Power in the acquisition. |
| Vinson & Elkins | Legal Advisor to Apollo Funds | Company | Provided legal advisory services to Apollo Funds for the transaction. |
| Department of Energy | Grant Provider | Government | Provided over $20 million in grants to the acquired assets. |