Partners Group, a private equity firm, has agreed to acquire PowerTransitions, a utility-scale project developer in the U.S., from EnCap Investments.
PowerTransitions acquires and redevelops retiring thermal power assets with existing grid connections that can be enhanced or modified to integrate new generation through the co-location of solar or battery energy storage projects, or both combined.
Through this acquisition, the Partners Group plans to collaborate with PowerTransitions’ management team to implement a value creation plan that includes renewable co-location and the acquisition of additional thermal power assets to help meet the rising power demand.
Partners Group also intends to invest over $450 million in capital to accelerate the company’s future growth. Its infrastructure business has $27 billion in assets under management worldwide.
“PowerTransitions will play a critical role in meeting power demand in the US by increasing grid capacity and improving reliability by optimizing underutilized points of interconnection. We have strong thematic conviction in the company’s strategy of co-locating renewables with legacy power assets and plan to accelerate its growth through expanding its operating asset base while continuing to re-develop non-operating sites. We look forward to working with the experienced management team on our value creation plan,” said Ed Diffendal, Partner, Co-Head Infrastructure Americas, Partners Group.
According to Mercom’s recently released Q1 2025 Solar Funding and M&A report, a total of 19 solar corporate M&A transactions were recorded in Q1 2025, compared to 20 transactions in Q4 2024, and 10% lower compared to 21 solar M&A transactions in Q1 2024.
In May, Macquarie Asset Management, a global asset manager, acquired the remaining 50% stake in Island Green Power, a U.K.-based renewable energy developer, through its managed funds. The company specializes in utility-scale solar and battery energy storage projects, having developed more than 3 GW of solar projects that are ready to be built.
