BOSTON, Aug. 17, 2022 /PRNewswire/ -- ArcLight Capital Partners, LLC ("ArcLight") announced the formation of OnPoint Energy, LLC ("OnPoint"), a newly formed retail electric provider, focused on residential, commercial and industrial retail electricity solutions initially serving the ERCOT market. OnPoint is led by its Chief Executive Officer, Cullen Hay, and a seasoned management team of industry executives. The company is headquartered in Houston, Texas.
"ArcLight is excited to partner with the OnPoint team to enter the retail market," said Carter Ward, Partner at ArcLight. "As one of the largest power generators in North America, the launch of this platform is an important step in maximizing the value of our fleet. ArcLight has committed $50 million to retail initiatives and look to expand into additional competitive markets in the coming year."
"We are excited to bring to market OnPoint Energy, a company that is focused on changing the relationship between electricity retailer and customer, by providing an excellent customer experience, while maintaining a focus on fair, cost effective electricity plans and pricing," said OnPoint CEO Cullen Hay. "Our initial focus will be in ERCOT with expansion expected within the year to other competitive markets in the U.S., where we will work closely with residential and commercial and industrial customers to deliver on our promises of fairness and loyalty."
ArcLight is a leading private equity firm focused on energy, infrastructure and energy transitions with a successful long-term track record. Founded in 2001, the firm helped pioneer an asset-based approach to investing across the power, renewables, infrastructure and broader energy value chain. Since then, ArcLight has invested approximately $27 billion in 122 transactions, including over $11 billion of equity capital into the electrification segment, which includes power, transmission, renewable infrastructure and energy transition investments. Through its large infrastructure portfolio, ArcLight is focused on providing decarbonizing energy solutions with a strong ESG focus. Based in Boston, the firm's investment team employs a value-added investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm's approximately 1,800-person asset management affiliate. More information about ArcLight can be found at www.arclight.com.
Kirkland & Ellis served as legal counsel on the transaction to ArcLight. King & Spalding served as legal counsel on the transaction to OnPoint.
SOURCE ArcLight Capital Partners