Quantum Energy Partners, a US-based private equity firm that raised a $2.5bn fund last September, has formed a company to buy energy assets using $500m in co-investment from strategic and financial partners.
The private equity firm has started Quantum Utility Generation to buy and develop conventional and alternative energy projects in North America and hired Larry Kellerman as chief executive, Sean O’Donnell as chief financial officer and Tim Sullivan as chief commercial officer.
Quantum will provide $500m of equity for the new company, which will be doubled from its partners.