New Entity Majority-Owned By Oaktree & Led By Several Retail Market Vets Enters Agreement To Acquire Retail Supplier

August 9, 2022

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Reporting by Paul Ring • ring@energychoicematters.com

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Energywell Think Holdings, LLC ('Energywell') has entered into a transaction under which it will acquire 100% of the voting or equivalent equity interests in Engie Retail, LLC d/b/a Think Energy ('Think Energy') from its current owner, ENGIE Resources LLC

Think Energy has been ENGIE's mass market-focused retail supplier

Energywell is an indirect wholly owned subsidiary of Energywell Parent, LLC ('Energywell Parent'). Energywell Parent, "invests in strategic opportunities in the United States retail energy sector, including through the Proposed Transaction. Energywell Parent is also developing a best-in-class renewable energy technology platform that it believes will help deliver innovative renewable energy products to retail consumers and utilize data and automation to ensure that energy products are used sustainably."

Oaktree Capital Management, L.P. ('OCM') indirectly owns 89.3% of the voting equity interests of Energywell Parent through wholly owned subsidiaries and an additional 4.7% through its controlling interest in Hartree, which holds 4.7% of the voting securities in Energywell Parent. No other person or entity owns (directly or indirectly and together with its affiliates) 10% or more of the voting equity interests in Energywell Parent.

Brookfield Asset Management Inc. ('BAM') indirectly owns or controls a 10% or greater indirect voting interest in OCM. According to an ownership chart filed with FERC, Brookfield Asset Management, Inc. owns 100% of Oaktree Capital Management, L.P. (OCM)

Think Energy will become a wholly-owned subsidiary of Energywell as a result of the transaction.

In announcing its formation in late 2021, Energywell had stated that it will be led by retail energy veterans Michael Fallquist and Christian McArthur as co-Chief Executive Officers and Roop Bhullar as Chief Financial Officer. Fallquist, McArthur and Bhullar served in executive roles at Crius Energy

In announcing Energywell's formation in late 2021, Michael Fallquist, Energywell Director & co-Chief Executive Officer had stated, "Recent volatility in global energy markets has highlighted the real challenges that exist with integrating renewable generation sources into our aging electricity grids. Use of electricity is expected to increase materially as we move away from fossil fuels, further highlighting the need for consumer targeted behind-the-meter solutions. We are excited to create the next generation energy platform which will leverage our proprietary technology to deliver innovative energy products to consumers and leverage data and automation to ensure these products are used sustainably."

Energywell previously launched community solar services

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