Partners Group has acquired six energy assets in the US over the past 15 years, as electrical power demand is projected to rise 2.4% per year through to 2030

  • Switzerland-headquartered Partners Group has acquired 11 California-based natural gas power plants and Middle River Power from US investment firm Avenue Capital Group.

  • The transaction for the 1.9GW portfolio of gas power plants and Middle River Power, which operates the assets, has an enterprise value of $2.2bn, Partners Group said in a statement.

  • Middle River develops on-site batteries with surplus renewable energy from the grid, creating hybrid energy centers. It also provides asset management services for power plants outside California totaling 4.8GW.

  • Partners Group is looking to develop more hybrid energy centers, advance the pipeline of standalone battery projects, and acquire add-on power plants.

  • The California Independent System Operator (California ISO), which oversees the electricity market, expects electricity demand to grow, increasing the demand for battery storage technologies.

March 19, 2025 (Preqin News) – Partners Group has spent at least $7.3bn on energy assets since 2010. In the US, it has acquired six energy assets, including 50% stakes in Atlanta-based Dimension Renewable Energy in 2021 for $400mn, and $300mn in Oklahoma-headquartered natural gas company Superior Midstream in 2018, according to Preqin data.

US electric power demand is projected to rise at a compound annual growth rate of 2.4% through to 2030, according to Goldman Sachs. Around two-thirds of this new demand is due to the growth of AI and the construction and maintenance of data centers.

Infrastructure deals completed since 2014 in North America that have since been realized have returned an average gross IRR of 15.1%, according to Preqin Transaction Intelligence data. Energy deals have the lowest average IRR of any infrastructure sector over the period at 12.0%, lower than Utilities (16.3%), Transport (18.2%), and Telecommunications (20.2%).

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