Eldridge Capital Management closed a $375 million lease facility with Atlas Energy Solutions. The facility will support Atlas’ acquisition of new behind-the-meter power generation assets, allowing for milestone payments during packaging and converting to a term solution upon asset delivery. The leased assets will broaden and diversify Atlas’ power generation capabilities.
“Our enduring relationship with Atlas exemplifies the long-term, value-driven partnerships we seek to build with our clients. Since 2018 our partnership has grown, grounded in the immense trust placed in Bud and John, a uniquely positioned asset, and our conviction in supporting market leading critical services providers,” Kyle Parks, managing director at Eldridge Capital Management, said. “We have seen increasing calls for power and the grid’s inability to keep pace, and we believe this imbalance allows for a defensible market opportunity in behind-the-meter power-as-a-service. We are proud to support Atlas’ continued investment in its power strategy and look forward to our ongoing collaboration.”
Eldridge’s relationship with Atlas has expanded throughout the years from nominal equipment financing to multiple recapitalizations together with material lease facilities accommodating various strategic and transformational organic growth initiatives and acquisitions.
“Eldridge has been a key partner to Atlas since our very first equipment orders. Their ability to quickly assess opportunities and move nimbly to provide financing has been critical to our success,” John Turner, CEO of Atlas, said. “As Atlas evolves to help our customers tackle the growing supply-demand imbalance in power generation, we are proud to have Eldridge continue to play a core role.”
