Nov 17, 2020

BP Energy Partners buys Encino Environmental Services

Technology
Acquisitions
emissions
Dominic Ellis
2 min
Encino enables compliance with government regulations along with providing carbon emissions benchmarking and mitigation strategies to achieve ESG goals
Encino enables compliance with government regulations along with providing carbon emissions benchmarking and mitigation strategies to achieve ESG goals...

 

BP Energy Partners - the Texas-based private equity firm - has announced the acquisition of Encino Environmental Services, an environmental consulting and services business.

Encino enables compliance with government regulations along with providing carbon emissions benchmarking and mitigation strategies to achieve ESG goals.

It specialises in emissions performance testing, leak detection and repair (LDAR), continuous emission monitoring systems (CEMs), and advanced environmental data and reporting software for the identification, measurement and minimisation of emissions including methane monitoring and waste gas management. 

"Environmental regulatory compliance solutions will continue to play a key role in overall decarbonisation, and we believe Encino is in a strategic position to capitalise on these needs," said Michael Watzky, Managing Partner of BP Energy Partners.

Founded in 2010, Encino provides a wide range of environmental and regulatory compliance solutions within the upstream and midstream energy sectors along with marine, power, industrial, mining, and other sectors.  

The company's mobile testing laboratories allow for rapid deployment to meet customers emissions testing needs and regulatory requirements. Engineering expertise provides the capability to assess, design, and implement an array of strategies to address complex environmental projects.

"Encino is poised to expand the precision by which ESG initiatives and government mandated emissions requirements are benchmarked and reported while also providing a full suite of emissions detection and reduction related services," said Graham Whaling, CEO of Encino.

The acquisition expands BPEP's portfolio of companies focused on environmental services and testing to comply with federal, state, local, and corporate air emissions standards to achieve ESG policy goals. Currently it manages over $550 million in committed capital.

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Aug 2, 2021

Financing rises in digital platforms and renewables projects

Energy
Technology
Financing
Renewables
Dominic Ellis
3 min
Recent financing deals involving Cold Bore Technology and Soltage underline the importance of digital platforms and renewables

Cold Bore Technology has closed $14M in growth financing in a round that was led by bp ventures with participation from the Canadian Business Growth Fund (CBGF).  

Cold Bore is leading a shift in the completions (fracking) industry towards safer, more autonomous operations by providing oil & gas companies with SmartPAD, a centralised fully integrated software and hardware platform designed to collect, analyse, and report data. Better utilisation of this data unlocks operators’ ability to make improvements across all KPIs.

Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.

Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s US onshore operations. The technology will support bpx’s efforts to continuously improve its operations.

“The oil & gas industry has realised that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil & gas operations.” said Brett Chell, Co-founder & President at Cold Bore Technology.

“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. The future of the oil & gas industry is autonomous operations."

Existing investors include the Rice Investment Group (RIG), a $200M multi-strategy, energy sector investment fund.

Another company in the spotlight last week was Soltage, a leading independent renewable power producer, which has raised a $130M debt facility led by Silicon Valley Bank. The investment will finance a 110MW national portfolio of projects across North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.

The construction of this portfolio will be staged over the next three quarters, with construction currently underway on ten projects across four states. Customers purchasing electricity from the projects financed through this debt vehicle include Investor Owned Utilities buying power under Public Utility Regulatory Policies Act (PURPA) contracts, community solar subscribers and corporations purchasing power from the portfolio to meet clean energy goals and lower energy costs.

Silicon Valley Bank is the Sole Coordinating Lead Arranger of the debt facility with three other banks included as lenders. This facility includes an optional $100M expansion feature to finance additional projects beyond the current set of identified projects. This announcement marks the latest development for the Soltage Iris capital vehicle, following Soltage and Harrison Street's $250M commitment in March to deliver 450MW of new solar, solar+storage and standalone storage development across the US.

"Soltage continues to provide stable investment opportunities for capital providers who are looking for bankable approaches to sustainable infrastructure investment," said Sripradha Ilango, Soltage CFO. "We are pleased to continue to bring to market high quality project portfolios that open avenues for corporations, utilities and families to adopt solar power and achieve decarbonisation priorities."

"We are at a critical point where funding domestic infrastructure to bring more clean energy online in the United States is of the utmost importance," said Bret Turner, Market Manager at Silicon Valley Bank. "Our team is proud to work with Soltage to support building these essential zero carbon energy projects in key locations across the country."

This announcement is part of a continued movement of mainstream investors looking to solar and other renewable infrastructure assets for long-term investment opportunities. Soltage has deployed over $1B into clean energy assets across the US since its founding in 2005.

SVOLT Energy Technology Co., a leading EV battery manufacturer, held a B Round Financing Transaction Ceremony in Changzhou, Jiangsu on July 28. Following the completion of A Round Financing of RMB 3.5 billion ($538 million) at the end of February, the company rapidly closed this third round of market-based equity funding, raising a total amount of RMB 10.28 billion ($1.58 billion).

Last month also saw Longroad Energy, a US-based renewable energy developer, owner and operator, complete term financing for Sun Streams 2, its 200 MWdc solar project in Maricopa County, Arizona. Longroad owns 100 percent of the project after acquiring it in early 2021 from First Solar, the original developer.

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