NY-STONEPEAK
Ironclad Energy Partners LLC (“Ironclad”), an affiliate of Stonepeak Infrastructure Partners (“Stonepeak”), has agreed to sell 100% of its indirect equity interests in RED-Rochester, LLC (“RED”) and associated affiliates to SDCL Energy Efficiency Income Trust plc (“SEEIT”) for $260 million enterprise value, subject to customary closing adjustments.
As one of the United States’ largest district energy systems, RED exclusively serves 100+ commercial and industrial customers within the Eastman Business Park (“EBP” or the “Park”) in Rochester, New York. RED’s asset base has continuously served the 1,200-acre EBP and its customers with reliable and competitively priced utilities for over a century. Today, RED serves customers with its highly efficient and environmentally friendly tri-generation plant, delivering 16 separate utility services, including steam, chilled water, and electricity, in support of its customers and the 5,500 employees that work within the Park.
Upon acquisition in 2016, Stonepeak and Ironclad committed ~$80mm of additional capital to execute on the conversion of RED’s coal-fired central plant to modern natural gas boilers. The brownfield project was delivered in 18 months, on time and on budget and without any disruption to customers. Following the completion of the natural gas conversion, Stonepeak and Ironclad committed additional capital to further modernize RED’s facilities, completing over 40 efficiency projects during the four-year ownership period, and identifying another 100+ such projects for future execution. Stonepeak and Ironclad’s efforts within the Park were well-received by stakeholders, drawing recognition and support from local and state entities such as the New York State Energy & Research Development Agency and Rochester Gas & Electric. Through executed and identified projects, RED is expected to reduce CO2 emissions within the Park by the equivalent of an 880MW photovoltaic solar installation and will reduce SO2 and NOx emissions by ~99% and ~60%, respectively. SDCL expects to continue these modernization and efficiency efforts under its ownership, which are expected to continue delivering both increased profitability and emissions savings via fuel usage reduction.
The transaction is expected to close in Q2 2021, following receipt of customary regulatory approvals.
Luke Taylor, Senior Managing Director at Stonepeak said, “As a New York-based asset manager, Stonepeak is pleased to have had the opportunity to support a successful transition of the RED assets and to meaningfully contribute to the ongoing revitalization of the Finger Lakes region of New York. We are confident that the new owners will continue our efforts to drive environmentally-conscious growth within the Eastman Business Park.”
John Prunkl, Chief Executive Officer at Ironclad added, “Ironclad is thankful for the support of RED’s employees, customers, and all other stakeholders within the Park as we successfully transitioned the assets from coal to natural gas, executed over 40 efficiency projects, meaningfully reduced CO2 emissions, and commercially, technically, and financially positioned the utility and the Park for growth. Ironclad will work closely with SEEIT to ensure a successful transition of the business and we look forward to RED and EBP’s continued success.”
Jonathan Maxwell, founding partner and Chief Executive Officer of SDCL, the manager for SEEIT, said, “SEEIT is acquiring an operational and established district energy system that provides a range of essential and efficient energy services and utilities to a diversified customer base on one of the largest business parks in the United States of America. We expect the project to make positive contributions to SEEIT’s earnings and cash flow. At the same time, the project offers the potential for growth over the medium to long term through the addition of new customers and the implementation of accretive energy efficiency measures.”
Scotiabank acted as the exclusive financial advisor to Stonepeak and Ironclad, and Macquarie Capital acted as financial advisor to SDCL.
Mayer Brown LLP served as legal counsel for the selling parties. Wilson Sonsini Goodrich & Rosati was legal counsel to SDCL.
ABOUT STONEPEAK
Stonepeak Infrastructure Partners (www.stonepeakpartners.com ) is an infrastructure-focused private equity firm headquartered in New York with $31.3 billion of assets under management (as of September 30, 2020). Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.
ABOUT IRONCLAD ENERGY PARTNERS
Ironclad Energy Partners is a joint venture between Stonepeak and industry veterans John Prunkl and Christopher Fanella. Ironclad was founded in early 2016 with the express intent of acquiring and adding value operationally, commercially, technically and financially in middle-market energy facilities. Formerly CEO and CCO of Primary Energy Recycling Corporation, a TSX traded company, the Ironclad principals have acquired, owned, partnered, operated, and/or constructed projects in the U.S. and around the world totaling more than 11,000 MW of capacity.
ABOUT SEEIT
SDCL Energy Efficiency Income Trust plc is the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of recycled energy and cogeneration projects in the United States, a regulated gas distribution network in Sweden and, most recently, a portfolio of commercial and industrial solar and storage projects in the United States.
SEEIT’s investment manager is Sustainable Development Capital LLP. Established in 2007, SDCL, with a proven track record of developing and investing in energy efficiency and decentralised energy generation projects.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210405005506/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
LTIMindtree Launches GCC-as-a-Service1.7.2025 11:30:00 CEST | Press release
An integrated, AI-powered offering with deep industry expertise to drive growth and transformation LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company today introduced its GCC-as-a-Service. The services cater to organizations that may want to set up GCCs, scale their existing ones to optimize costs and create added value. The catalogue covers a spectrum of Build, Operate, Transform and Transfer services, offering clients the option to pick and choose what they require. GCC-as-a-Service commercials are designed on a per-seat or per service basis to ensure cost optimization and value realization. LTIMindtree’s Talent Solutions, part of our Build Services enables clients efficiently onboard business-ready talent from day one through its in-house AI-powered talent acquisition ecosystem. As a part of Transform Services, the Company provides industry specific offerings; technological solutions and frameworks that lead to acceleration of value re
Network Failures Cost $5M A Year for More Than a Quarter of Global Businesses, According to Expereo1.7.2025 10:00:00 CEST | Press release
Half of global businesses have been forced to urgently re-evaluate their tech infrastructure following a wave of high-profile IT outages Network instability is taking a serious toll on global businesses, with over a quarter (28%) reporting revenue losses of up to $5 million due to network outages or poor performance. Alarmingly, an additional 23% have experienced losses exceeding $5 million. These findings come from an IDC InfoBrief commissioned by Expereo, titled “Enterprise Horizons 2025: Technology Leaders Priorities: Achieving Digital Agility.” Following a series of high-profile IT disruptions over the past year, ranging from cybersecurity breaches to connectivity failures, nearly half (49%) of global businesses have been compelled to re-evaluate their technology infrastructure, and 40% of global tech leaders say it’s caused networking and connectivity to rise higher up the C-suite agenda. Perhaps as a result, networking/connectivity now comes out on top in terms of the technologie
Record Financing for NeXtWind: €1.4 Billion for the Expansion of Wind Energy in Germany1.7.2025 09:52:00 CEST | Press release
Innovative platform financing enables debt investments in renewable energy on an unprecedented scale NeXtWind plans to quadruple the capacity of more than half of its 37 wind farms by 2028 as part of an increase of its total generation capacity to 3 GW Lars B. Meyer, Co-CEO of NeXtWind, said: “Thanks to this novel platform approach, we can optimize our wind farms more quickly and accelerate our growth. In the long term, we aim to transform them into state-of-the-art, integrated clean energy hubs.” NeXtWind, a leading renewable energy company, has secured €1.4 billion in debt financing. The agreement also includes an additional €1.3 billion in so-called accordion facilities, which can be activated in tranches over the coming years. This syndicated loan is the largest of its kind for an independent wind energy provider in Germany, and it opens the onshore wind market to debt investments from major financial institutions both domestically and internationally. NeXtWind will use the new fin
Celero Ventures Opens $25 Million Early-Stage Fund to Investors Backing the Next Generation of European Software Companies1.7.2025 09:30:00 CEST | Press release
Celero Ventures, a new venture capital firm founded by experienced software operators Dave Wyatt and Nick Cochran, is now raising its debut $25 million fund to invest in early-stage startups across the UK and Europe. The fund, which is already 25% subscribed, targets pre-seed and seed-stage companies building next-generation AI and data infrastructure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701820933/en/ Nick Cochran and David Wyatt (right) Founders of Celero Ventures Based in London, Celero Ventures is inviting limited partners (LPs) to join its mission of backing exceptional technical founders and accelerating their path to product-market fit and scalable growth. Wyatt and Cochran bring a rare combination of deep go-to-market (GTM) experience and startup leadership. Together, they helped scale both MuleSoft and Databricks—two of the most successful enterprise software companies of the past decade. Their experien
3GPP MCX Standards-Based Hytera HyTalk MC 6.0 Released Globally1.7.2025 09:00:00 CEST | Press release
Hytera, a leading global provider of professional communications technologies and solutions, announced the worldwide release of Hytera HyTalk MC 6.0, its new-generation broadband mission-critical communication platform fully compliant with the 3GPP MCX standard Release 18. As a key part of Hytera’s convergence-native communications strategy, it delivers inclusive, efficient and secure communication over LTE cellular network. Hytera HyTalk MC 6.0 leverages 3GPP standard interfaces and Hytera’s proprietary protocols to enable deep interworking across different technologies and vendors. It enables real-time mapping between the signaling of 3GPP MCX and Hytera DMR, and interconnects with HyteraTETRA systems, allowing a smooth migration path to data-rich communications for mission- and business-critical institutions and users. Hytera DMR or TETRA two-way radios can communicate with LTE/5G terminals through the Hytera HyTalk MC platform in a hybrid network. The Ad-Hoc Temporary Group Call fe
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom