Wednesday, October 12, 2022

Carlyle's Energy Plays

The Carlyle Group's Neptune Energy plans to expand oil production in Germany and increase natural gas supplies for the UK.  Switzerland based Varo Energy  and Spain based Cepsa plan to shift from oil and gas to green energy sources.  Cepsa is moving to hydrogen, a green energy source and could be the beneficiary of $2.9 billion from a new European Hydrogen Bank. 

Carlyle also plans to seek bids for Assala Energy, an African oil and gas company it acquired in 2017.  Assala could be Carlyle's latest double.  It's not clear how much the PEU siphoned from Assala via special distributions, deal fees and management fees.

The greed and leverage boys continue to make outsized profits on the backs of citizens, now hurting from rapidly rising energy costs.  

Update 11-5-22:  Carlyle will acquire a majority stake in renewable energy developer Aspen Power Partners LLC.  Also, Carlyle invested an undisclosed amount in green hydrogen developer Eneus Energy Limited.

Update 6-7-23:  Carlyle appears ready to monetize Neptune Energy for between $5 and $6 billion.

Update 8-15-23:  Assala Energy will be sold to Maurel and Prom!  Reuters reported:

Private equity fund Carlyle Group has agreed to sell its Gabon-focused oil and gas company Assala Energy to French producer Maurel & Prom for $730 million.

Another Carlyle cash in (with closing expected in Q1 2024.

Update 2-17-24:  A military coup changed the deal.  The new buyer is Gabon's state run oil company.