Quantum Capital to buy IPP firm Cogentrix for USD 3bn

Investment firm Quantum Capital Group has agreed to acquire US independent power producer Cogentrix Energy with a commitment to expand its platform with a focus on gas-fired power generation, renewables and battery storage.

The targeted business will be acquired from US private equity firm Carlyle (NASDAQ:CG) for about USD 3 billion (EUR 2.76bn), a press statement said today.

Charlotte, North Carolina-based Cogentrix specialises in acquiring, building, managing and optimising conventional and renewable power generation assets, including gas, wind, solar, hydro and coal projects in the US. Its current platform comprises 11 natural gas-fired power plants with a combined capacity of 5.3 GW across the country.

“Having stewarded more than 18 gigawatts of assets over its 40+ year history, the company is a proven leader in building, managing and optimising power generation assets of all technology types. We expect to meaningfully grow the Cogentrix platform, with a focus on gas-fired power generation, renewables and battery storage. Our goal is to deliver clean, reliable, and affordable power to customers,” said Michael MacDougall, Partner at Quantum

The deal hinges on customary regulatory approvals and is expected to close between the fourth quarter of 2024 and the first quarter of 2025.

(USD 1 = EUR 0.923)

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