A number of investors and former Avangrid Renewables executives have joined to form US developer Triple Oak Power.
The firm, which is targeting onshore wind and other carbon-free power projects, is being backed by EnCap Investments as well as Yorktown Partners and Mercuria Energy.
Triple Oak will be led by co-founding partners Jesse Gronner as chief executive and Kenneth Labeja as chief financial officer.
Both recently held leadership roles at Avangrid Renewables, a US-based utility-clean power company controlled by Iberdrola.
The new company’s strategy lies in filling the gap between early stage volatility in the development process to delivering the certainty of shovel-ready utility-scale wind facilities, it said.
“Triple Oak Power’s deep, end-to-end expertise in the wind development value chain and unique strategic vision are a natural fit with the EnCap Energy Transition portfolio of industry innovators,” said EnCap Energy Transition Managing Partner Kellie Metcalf.
“We’re excited about TOP’s ability to develop wind projects that lead to cost-effective, high-capacity solutions that will complement the continued growth of solar and battery storage.”
“Initially we’ll target markets with demonstrated momentum toward clean energy, including those supported by renewable energy standards or where economics are attractive to the expanding customer demand for a sustainable power supply,” said Gronner.
“We’re also poised to efficiently take advantage of the growing shift away from older conventional power generation where, for example, retiring coal plants are creating transmission availability for cleaner energy capacity.”