DG provider Catalyze hires RBC for capital raise

11/27/2022

Distributed generation provider Catalyze has engaged RBC Capital Markets to assist in an equity capital raise, said sources familiar with the situation.

The Boulder, Colorado-based company was acquired by a consortium led by EnCap Investments, via its USD 1.2bn Energy Transition Fund I (ETF I) in 2019.

ETF I and its partners have spent the last 12 months looking to raise capital for a new fund, while outright selling portfolio companies, according to SEC filings.

This includes selling off a 50% stake of Broad Reach Power to funds managed by Apollo last November and more recently selling Jupiter Power to Blackrock Alternatives.

EnCap acquired Catalyze in 2019 and has since struck deals to increase its community and distributed solar footprint, as well as expanding its services to commercial and industrial clients. In April, Catalyze established a master framework agreement with Stream Realty Partners to develop on-site renewable energy solutions across Stream’s 40 million square feet of industrial-owned properties, including solar, battery and EV charging solutions.

More recently, Catalyze also hired four new executives in October, including electric power industry executive Brian McDonald as its Chief Operations Officer (COO) and Terrill Laughton as its Chief Commercial Office (CCO).

Other portfolio companies in the fund include Arbor Renewable Gas, Solar Proponent and Triple Oak, according to its website.

EnCap filed a Form D registration statement for a second Energy Transition Fund this past June and later amended it in September but did not disclose fundraising targets.

EnCap did not return multiple calls seeking comment.

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