# Riverstone Energy Ltd  Announces European Power Commitment

- Link: https://www.directorstalkinterviews.com/riverstone-energy-ltd-announces-european-power-commitment/412773106
- Published: 2019-04-26T09:59:51+01:00
- Author: Charlotte Edwards

**Riverstone Energy Ltd** (LON:RSE), the Manager of Riverstone Energy Limited, has
announced the formation of Onyx Strategic Investment Management I BV, a newly formed
European independent power producer.

The Company will have an initial focus on Germany and the Netherlands, following
the signing of an agreement to acquire a fleet of coal- and biomass-fired power 
stations from affiliates of ENGIE S.A. The assets to be acquired comprise approximately
2,350 megawatts of gross generation capacity (approximately 2,000 megawatts net)
and include two of Europe’s most recently constructed thermal plants, which benefit
from high efficiencies, substantial environmental controls, very low emissions profiles
and the potential use of sustainable biomass. Riverstone expects the Company 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.

Riverstone has a strong track record of safely and profitably managing power generation
assets, with over 27 gigawatts of capacity owned or developed, spanning every major
deregulated power market and generation type. In 2016, Riverstone completed the 
take-private of Talen Energy and today owns one of the largest independent power
producers in the United States. In addition, Riverstone is one of the leading low-
carbon developers through its investments in the wind, solar and biomass sectors,
resulting in over 14 gigawatts of new renewable energy capacity across North America,
South America, Europe and Asia.

> “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 $4.9 billion of equity to the sector,” **said Riverstone Co-
> Founders David Leuschen and Pierre Lapeyre, Jr**. “This transaction provides our
> investing partners with an additional high quality, system critical power generation
> portfolio, operated by an experienced and talented workforce.”

The investment will be funded with an initial equity commitment from REL, Riverstone
Global Energy and Power Fund VI, L.P., and other Riverstone managed vehicles. Further
details on REL’s commitment will be provided upon close of the transaction, which
is expected to occur later this year following the receipt of regulatory and other
approvals.

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