Earthrise Energy Acquires Natural Gas Plants in Northeastern Illinois
Earthrise Energy, PBC, an independent power producer founded to accelerate the clean energy transition, announced today the acquisition of two natural gas plants in northeastern Illinois in a bilateral transaction with Eastern Generation, an affiliate of ArcLight Capital Partners, LLC. The plants provide Earthrise with a foundation in the PJM Interconnection regional electricity market, where the company plans to develop, build, and operate renewable energy projects for the long term.
The natural gas plants, the Lincoln Generating Facility in Manhattan and the Crete Energy Venture power plant in Crete, provide a combined 984 megawatts (MW) of capacity. The plants serve as a critical backstop to the grid operating during times of peak electricity demand and quickly provide power to the PJM regional market, which includes parts of Illinois.
“We are excited to add these facilities to our growing energy portfolio and expand our presence into a new market,” said Carla Tully, Co-Founder and Chief Executive Officer of Earthrise Energy. “These plants complement our existing assets and allow us to advance a clean energy future where power is reliable, resilient, and renewable. Already, we have begun work developing renewable energy projects with the goal of building long-term businesses in the communities we serve.”
Earthrise Energy Chief Operating Officer Derek Porter added, “We look forward to working with the highly skilled employees at the Lincoln and Crete plants to continue providing critical energy resources to the PJM market.”
This is Earthrise’s second portfolio acquisition in eight months as it pursues an aggressive growth strategy, which includes developing more than 1.5 gigawatts of renewable energy projects in Illinois.
In December, Earthrise acquired three natural gas plants in southeastern Illinois with a combined capacity of 773 MW. The plants are the Gibson City Energy Center in Gibson City, the Shelby County Energy Center in Neoga, and Tilton Energy in Tilton. These plants serve customers in the Midwest and the Midcontinent Independent System Operator (MISO), which serves parts of Illinois, as well as 14 other states.
“With warmer-than-normal temperatures driving up electricity demand this summer, we’ve seen how important these plants can be in providing power to the grid. These plants enable a smart, predictable transition to a more resilient, affordable clean energy future,” added Tully.
Earthrise is a public benefit corporation (PBC) backed by Vision Ridge Partners, a preeminent investor in sustainable real assets.
Reuben Munger, Managing Partner of Vision Ridge Partners, concluded: “We are proud to support Earthrise as it continues to quickly scale its business to meet the increasing demand for reliable, renewable energy. The acquisition of these plants is not only a natural extension of Earthrise’s footprint in Illinois, but also aligns with Vision Ridge’s objective of helping to advance the transition to a clean energy economy while creating value for our investors.”
About Earthrise Energy
Earthrise Energy, PBC is an independent power producer advancing the clean energy transition. As a public benefit corporation, Earthrise seeks to power our world more responsibly, sustainably, and equitably than ever before. The company acquires, develops, and operates power generation facilities to provide reliable electricity, support decarbonizing the grid, and meet the evolving needs of our customers and communities. The company is developing more than 1.5 gigawatts of renewable energy projects and has an operating portfolio of flexible natural gas peaking plants that provide nearly 1.7 gigawatts of capacity to support a future energy system that is reliable, resilient, and renewable. Learn about Earthrise Energy at earthriseenergy.com.