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Energy Storage Developer Receives Texas Retail Electric Provider Certificate
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The Public Utility Commission of Texas granted Broad Reach Power Energy Services LLC an Option 2 Texas retail electric provider certificate, which authorizes Broad Reach to serve customers 1 MW and larger which provide an affidavit agreeing to such service
Broad Reach Power Energy Services is an affiliate of Broad Reach Power, which was formed in July 2019, and, since that time, has assembled a portfolio of nearly $100 million of energy storage assets, including in ERCOT
Broad Reach Power has described itself as a utility-scale independent power producer (IPP) backed by EnCap Investments, Yorktown Partners, and Mercuria Energy.
In late 2021, Apollo and EnCap Energy Transition Fund I announced that funds managed by Apollo agreed to acquire a 50% stake in Broad Reach Power LLC from existing investor EnCap Investments L.P. and its co-investment partners Yorktown Partners and Mercuria Energy. EnCap and its co-investment partners retained the other 50% stake and, together with the Apollo Funds, committed to invest up to $400 million of additional equity to fund Broad Reach’s continued expansion and growth pipeline.
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March 8, 2022
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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