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Texas Retail Provider Acquires Customer Book
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MI Texas REP 2, LLC has acquired the Texas retail electric customer book of Engie Retail, LLC d/b/a Think Energy. Engie Retail, LLC d/b/a Think Energy is now owned by Energywell Think Holdings, LLC
As previously reported, Energywell, through Energywell Think Holdings, previously entered into an agreement to acquire Think Energy from Engie, which had been first reported by EnergyChoiceMatters.com on Aug. 9
Energywell's acquisition of Think Energy has closed and was effective November 1
With respect to the Think Energy Texas electric customers, contemporaneously with the closing of the acquisition of Think Energy by Energywell, all of Think Energy's Texas customers were immediately sold to MI Texas REP 2, LLC, which holds REP Certificate No. 10315.
A customer notice letter concerning the transaction states that MI Texas REP 2, LLC will adopt the trade name Think Energy. A REP certificate amendment for MI Texas REP 2, LLC to use the Think Energy name was filed today
Energywell filed to relinquish the REP certificate that had been held by Engie Retail, LLC d/b/a Think Energy (10204), since Energywell will have no Texas electric customers after the transfer of such customers to MI Texas REP 2, LLC
Energywell is 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
As stated in an August application at FERC, Energywell Think Holdings, LLC 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."
As stated in an August 2022 application at FERC, 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.
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November 4, 2022
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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