AUSTIN, Texas, April 19, 2016 /PRNewswire/ -- Extol Energy LLC ("Extol") and private investment firm Riverstone Holdings LLC ("Riverstone") announced today an agreement to jointly pursue investment, operation, and commercialization opportunities in the conventional power generation sector.
Extol is led by the former management team of Topaz Power Management, LP ("TPM"), which managed over 5,325 MWs of conventionally-fueled power facilities representing more than $1 billion of equity capital invested by Riverstone.
Most recently, the team facilitated the merger of Riverstone's competitive power generation businesses with those of PPL Corporation. The resulting Talen Energy Corporation (NYSE: TLN) debuted as one of the largest independent power producers in the United States.
Charles Cook, Extol's President and Chief Executive Officer, says, "We believe that Extol's prospects are compelling, and our team looks forward to putting our collective commercial, analytical and change-driven management philosophy to work."
Riverstone founders David M. Leuschen and Pierre F. Lapeyre, Jr. added, "Partnering with proven management teams to build energy businesses around the world has been Riverstone's model for over 15 years. We are confident that the Extol leadership team's track record, industry expertise and management agility make them the right group to partner with and to best capitalize on the excellent opportunities we are seeing in this transforming power market."
About Extol Energy LLC
Extol is an independent energy company pursuing ownership of conventional power generation assets with identifiable catalysts for value enhancement. Based in Austin, Texas and funded by Riverstone Holdings LLC, Extol's team of multi-disciplinary energy professionals specializes in change management, driving operational efficiencies, and optimizing commercial strategy to reduce risk and maximize return on strategic power investments. Visit www.extolenergy.com for more information.
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $34 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed approximately $30 billion to more than 120 investments in North America, Latin America, Europe, Africa and Asia. Visit www.riverstonellc.com for more information.
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SOURCE Riverstone Holdings LLC; Extol Energy LLC