Retail Supplier Announces Acquisition Of ESCO (First Reported By EnergyChoiceMatters In August)
December 15, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Catalyst Power Holdings LLC formally announced that it has acquired AP Gas & Electric (NY) LLC ("AP G&E NY" or "AP-NY"), the New York State specific former subsidiary of Houston, Texas-based retail energy provider ("REP") AP Holdings LLC.
AP G&E NY supplies electricity to a wide array of middle-market commercial and industrial customers throughout New York, Catalyst said. 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 AP Gas & Electric (NY), LLC transaction, for which FERC approval was received, did 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). Notably, a separate entity, AP Gas & Electric (NJ) LLC, is also eligible as a New York ESCO, for large C&I customers. The AP Gas & Electric (NY), LLC transaction, for which FERC approval was received, did not include AP Gas & Electric (NJ) LLC.
As previously reported, in a FERC filing, AP-NY had stated that the value of the transaction is less than $10 million.
"AP G&E NY's offerings previously included fixed and index-priced electricity supply contracts and now have been augmented by Catalyst Power's natural gas, community solar, and Connected Microgrid solar project offerings," Catalyst said
The acquisition extends Catalyst Power's footprint to the entirety of New York State, the company noted
"This is a tremendous fit. We're excited to be able to expand the mix of commercial and industrial customers that can now have access to Catalyst Power's decarbonizing solutions," said Gabriel Phillips, CEO of Catalyst Power Holdings. "The middle market has been underserved for too long – by combining AP G&E NY's territories, customers and channel partner relationships with our novel energy supply options including community solar products and proprietary Connected Microgrid solutions, we are expanding access for our customers to more environmentally friendly, cost-effective energy supply options."
Catalyst Power previously announced a commitment from BP Energy Partners ("BPEP"), a Dallas, Texas-based private equity fund, and Catalyst Power management, in July of 2020 and the acquisition of US Energy Partners (Buffalo, NY based retail energy provider) in February of 2021.
"Catalyst Power continues to pursue additional strategic REP acquisition opportunities," the company said