Cornwall Insight, an energy consultancy, research and analytics company, is pleased to announce its role in providing energy market and regulatory due diligence to support Conrad Energy (a portfolio company of I Squared Capital) with its acquisition of Viridis Power. The deal was announced on 1 October 2020 and sees Conrad Energy more than double its share of flexible generation for the UK power market and bringing its operational portfolio to over 440MW at 28 sites across the UK. The transaction combines Conrad’s existing assets with over 320MW from Viridis Power, for an aggregate portfolio of 1.1GW of flexible generation assets in operation or development.
Cornwall Insight provided comprehensive buy-side due diligence on behalf of Conrad Energy to support the investment. This included an overview of Viridis Power flexible gas generation portfolio, an assessment of regulatory and policy changes as well as carbon price forecasts to support the due diligence.
Established in 2017, Conrad Energy is one of 18 global platforms created by I Squared Capital to meet a pressing demand for infrastructure. Conrad Energy optimizes energy supply within the market by delivering fast and flexible power generation when needed. Its embedded power plants supply power in local networks and range in size from 2.5 to 40MW.
Viridis power launched in 2009 and has successfully built out 15 gas-powered plants, distributed throughout the UK, to support National Grid in its objective of managing and balancing the increasing energy supply from intermittent renewable sources.
Adam Boorman, Senior Consultant at Cornwall Insight, said:
“We are delighted to have played a pivotal role in facilitating the acquisition of Viridis Power by Conrad Energy. This builds on Cornwall Insight’s outstanding reputation for creating clarity for market participants in an ever-changing and complex market.
“Flexible generation is a pivotal piece of the puzzle as the UK aims for net zero. This deal will help Conrad Energy smooth the transition to a high renewables future. We are very pleased that the deal was successful and that we were able to leverage our consultancy and analytical capabilities to support this positive outcome.”
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