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.
Media Contacts:
Jeffrey
Taufield
Jeffrey.taufield@kekst.com
212-521-4815
or
Daniel Yunger
daniel.yunger@kekst.com
212-521-4879
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/extol-energy-formed-to-pursue-power-investment-opportunities-with-riverstone-holdings-300253508.html
SOURCE Riverstone Holdings LLC; Extol Energy LLC
