Funds advised by Basalt Infrastructure Partners (“Basalt”) announced today that an agreement has been reached to acquire AEP OnSite Partners (“OnSite”) from American Electric Power (“AEP”).

OnSite is a long-term contracted, behind-the-meter energy solutions business which includes over 300 MW of solar, battery, fuel cell, peaking generation, and substation projects at almost 100 sites across the US. The business has a robust development platform and a longstanding track record of delivering growth. OnSite serves schools, municipalities, hospitals, and other commercial and industrial customers.

“OnSite is a leading provider of distributed energy solutions and benefits from a large addressable market supported by attractive macro fundamentals” commented David Greenblatt, Partner and Head of North America at Basalt. “We are excited to partner with the team who started this business to unlock future growth through this carve-out transaction.”  

TD Securities served as exclusive financial advisor and Kirkland & Ellis served as legal advisor to Basalt.

About Basalt

Basalt is investment advisor to certain infrastructure equity investment funds focusing on mid-market investments in utilities, power, transport, and digital infrastructure in North America and Europe. Current investments in North America include Helios Power, Black Bear Transmission, Habitat Solar, Xpress Natural Gas, Skyway Towers, Fatbeam, and Fortbrand. For more information, please visit  www.basaltinfra.com

Media Contact: press@basaltinfra.com