Linea Energy has secured a significant capital commitment from EnCap Investments LP, a leading provider of growth capital to the independent sector of the U.S. energy industry. The investment positions Linea to execute on its growth strategy of accelerating the decarbonization of the U.S. electricity grid through developing, owning and operating utility-scale wind, solar and battery energy storage projects.
Linea is a newly formed a utility-scale, independent renewable energy developer and power producer that aims to modernize how clean energy is developed and financed to rapidly increase the speed of deployment.
EnCap’s Energy Transition Fund, the renewable energy investment arm of EnCap, is currently making new commitments to management teams from EnCap Energy Transition Fund II. The terms of the investment agreement were not disclosed.
“With EnCap as our partner, we have the capital and strategic positioning to develop and manage a technology-diverse renewables portfolio in key liquid power markets across the U.S.,” said Cassidy DeLine, chief executive officer of Linea.
Linea brings together energy industry veterans DeLine (Cypress Creek), Benoit Vallieres (Brookfield, BP, DTE Energy), and Jonathan Vesdekas (Orsted, Invenergy). The company has added additional renewable energy professionals since its formation and will continue to grow the team throughout 2023.
“We are focused on how we can accelerate the clean energy transition through relentlessly efficient development and innovation,” DeLine added. “We are excited to immediately begin contributing to the transition to a lower carbon clean energy system that will meet the needs of electricity consumers across the country.”
Linea will build its portfolio through greenfield development and strategic project acquisitions with an initial market focus on MISO (Midcontinent Independent System Operator), PJM (Pennsylvania-New Jersey-Maryland Interconnection), and ERCOT (Electric Reliability Council of Texas).
“The partnership with Linea Energy is a strong fit within EnCap’s strategy to create and grow platforms that decarbonize the U.S. electricity grid and address the changing U.S. electricity market,” said Kellie Metcalf, EnCap Energy Transition managing partner. “Linea’s management team members have demonstrated individual track records and complementary skill sets.”
— Solar Builder magazine