Eldridge Capital Management closed a $350 million lease facility with ProPetro Energy Solutions, d/b/a PROPWR, a wholly owned subsidiary of ProPetro. The facility will provide PROPWR, the power generation solutions division of ProPetro, with access to growth capital for the acquisition of new power generation equipment for its growing commercial pipeline across oilfield, industrial and data center sectors.
This lease facility provides PROPWR with access to additional capital to acquire high efficiency natural gas reciprocating engine generators and modular turbines to support its target of 750 megawatts delivered by 2028. Eldridge’s capital solution supports PROPWR’s ability to execute on this vision.
“We are excited to partner with PROPWR as it continues to expand its business to address the growing electricity needs of its diverse customer base,” Kyle Parks, managing director at Eldridge Capital Management, said. “Eldridge’s lease facility supports PROPWR’s strategic vision to deliver project specific and engineered behind the meter power solutions at a time when electricity demand continues to outpace grid availability.”
