Integrated Retail Energy, DER Provider Enters LOI To Acquire Another Retail Supplier
June 1, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Power REPCo LLC ('Catalyst Power REPCo' or 'Buyer') has signed a letter of intent for a transaction under which it will acquire 100% of the limited
liability company interests in AP Gas & Electric (NY), LLC ('AP-NY' or 'Applicant')
Upon closing of the transaction,
AP-NY will be a wholly-owned subsidiary of Catalyst Power REPCo.
AP Gas & Electric (NY), LLC had been specifically formed by AP Holdings, AP-NY's majority parent, in 2011 as a retail energy supplier, to operate primarily in the New York retail market.
The transaction does not include any of the other AP Gas & Electric retail energy suppliers which operate in other states (such as AP Gas & Electric (PA), LLC, AP Gas & Electric (TX), LLC, etc).
In a FERC filing, AP-NY stated that the value of the transaction is less than $10 million.
As previously reported, Catalyst Power REPCo
currently has two wholly-owned subsidiaries that operate as retail energy suppliers: (1) Catalyst Power & Gas LLC ('Catalyst P&G'), and (2) U.S. Energy Partners ('USEP'), the latter of which Catalyst acquired this year
Catalyst has two direct upstream owners: GP Energy Ventures LLC ('GP Energy
Ventures') and BP-Catalyst Power Holdings LLC ('BP-Catalyst Holdings'). Ultimately, BP-Catalyst Power Holdings is a unit of BP Energy Partners LLC
As previously reported, Catalyst Power Holdings LLC, the parent of Catalyst Power REPCo, is a retail energy and distributed energy solutions provider founded in 2020, which received an initial equity backing of up to $60 million from the energy-focused private equity fund BP Energy Partners (BPEP) and Catalyst management. Catalyst Power Holdings LLC has previously stated that such funding would allow it to begin purchasing electric and gas retail energy providers (REPs) and fund the development of, "novel, difficult-to-access and highly repeatable energy supply options for underserved middle-market commercial and industrial end-use customers."