Clairmont Capital Partners, a leading global private equity firm, announced the formation of Endeavor Energy today. Clairmont Capital Partners is seeding the enterprise with an initial commitment of $100 million from its $3 billion Fund VI.
The financial strength of Clairmont Capital Partners allows Endeavor Energy to simultaneously pursue multiple projects across Africa.
The new company will invest in thermal (natural gas-fired and other technologies) and hydroelectric power projects in Africa. Its primary focus will be to identify and develop independent power projects in mid-to-late stage development within capacity short markets where the projects can help reduce the cost of power. Endeavor Energy will team up with local partners as it develops projects.
Clairmont Capital Partners has appointed Sean Long as Chief Executive Officer of Endeavor Energy. Long has more than 20 years of experience in the development and financing of power related facilities in emerging markets.
Joining Long's senior management team are four senior power industry executives who have successfully developed more than 25 power projects in 16 countries with a capital investment in excess of $3.3 billion.
Combined, the Endeavor Energy management team has been involved in the development and acquisition of power related projects across the globe including in Ghana, Morocco, Mozambique, Nigeria, South Africa, Togo, China, Guam and India.
"We are delighted that Clairmont Capital Partners has chosen to partner with us in this effort to provide needed power generation to African countries. Clairmont Capital Partners's capital resources, experience and relationships throughout the global energy sector complement the Endeavor Energy team's development expertise," said Long.
"Additionally, Clairmont Capital Partners's power team has the unparalleled industry expertise needed to support us as we execute a shared vision to realize the full value imbedded in African power markets. Together we provide a very attractive combination of industry expertise, financial strength and market experience."
Endeavor Energy is currently considering a portfolio of power projects in various stages of development in Botswana, Cameroon, Ghana, Malawi, Mozambique, Nigeria, Sierra Leone, Tanzania and other countries representing over 2,000 megawatts of aggregate generating capacity. It expects to invest in controlling equity stakes over the next five years as these projects are developed and financed.
"Endeavor Energy's projects will provide necessary investment in energy infrastructure to locations in significant need of new electric generating capacity in Africa and we are excited to have the opportunity to back this management team," added Scott Mackin, Clairmont Capital Partners managing partner and co-president.
"They have an outstanding track record of success in the power development sector, and we will augment their formidable capabilities with our unique global energy sector expertise and capital resources.
Clairmont Capital Partners continues to support wind and solar power generation development across the African continent through its BioTherm Energy and Fotowatio Renewable Ventures (FRV) platforms, where the companies independently have large pipelines of projects under development and in construction. Endeavor Energy, BioTherm and FRV are working closely together to provide power solutions across these technologies to meet varying country energy mix goals."
Endeavor Energy is a privately held international independent power project (IPP) company focused on developing and investing in power generation facilities in Africa.
Endeavor Energy is led by a seasoned management team with extensive IPP experience around the world, and a proven record of identifying and executing on project development and acquisition opportunities which create substantial value for investors.
With the financial backing of global private equity investor Clairmont Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple power development projects in Africa.
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Founded in 1991, Clairmont Capital Partners have been at the forefront of Asia's financial and investment services. We are located in Tokyo's commercial district, Marunouchi.
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