Linea Energy, an independent renewable energy developer and power producer, has secured a significant capital commitment from EnCap Investments L.P., a provider of growth capital to the independent sector of the U.S. energy industry. 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.
Linea is a newly formed independent power producer modernizing how clean energy is developed and financed to rapidly increase the speed of deployment. Linea’s partnership with EnCap positions the company 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 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).
“We are delighted to partner with the EnCap Energy Transition team to develop and operate a world class portfolio of renewable energy and battery energy storage projects,” says Cassidy DeLine, CEO of Linea. “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.”
“We are focused on how we can accelerate the clean energy transition through relentlessly efficient development and innovation,” adds DeLine. “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.”
“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,” states Kellie Metcalf, EnCap’s energy transition managing partner. “Linea’s management team members have demonstrated individual track records and complementary skill sets. We are delighted to be working with the Linea team and are confident that they will build a world-class renewable energy platform.”
Linea brings together Cassidy 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.