Former NRG Senior Director For M&A Among Founders Of New Renewable Generation Developer, Receives Backing From EnCap Investments

October 7, 2020

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Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Triple Oak Power LLC ("TOP") announced today its formation, as well as underlying capital commitment from EnCap Investments L.P. ("EnCap"), a provider of equity capital to the independent sector of the U.S. energy industry.

Yorktown Partners LLC ("Yorktown"), an energy-focused private equity firm, Mercuria Energy, and TOP management will also invest in the company by providing additional growth capital.

The team at Triple Oak is led by co-founding partners Jesse Gronner, CEO, and Kenneth Labeja, CFO. Both recently held leadership roles at Portland-based Avangrid Renewables

Specifically, Gronner previously served as Vice President, Business Development at Avangrid Renewables and served in a variety of roles at the company and its predecessors over the past 20 years, including as Project Manager at PacifiCorp Power Marketing

Labeja most recently served as Director, Renewables Business Development at Avangrid Renewables. Previously, Labeja served as Senior Director, M&A and Project Finance and Development at NRG Energy. Labeja has also held roles at Credit Suisse and KPMG

Headquartered in Portland, Oregon, TOP will focus on developing onshore wind and other competitive carbon-free power generation. "TOP’s root strategy lies in filling the gap between early stage volatility in the development process to delivering the certainty of shovel-ready utility-scale wind facilities," the company said

"TOP’s three key goals are meeting customers’ increasing demand for affordable zero carbon electricity, investing in rural economies seeking financial recovery and stability, and providing a platform for established capital partners to directly participate in the clean energy transition," the company said

"Initially we’ll target markets with demonstrated momentum toward clean energy, including those supported by renewable energy standards or where economics are attractive to the expanding customer demand for a sustainable power supply," said TOP Chief Executive Officer Jesse Gronner.

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