Origis Energy, a top ranked U.S. solar and energy storage developer, today announced the management buyout of its original nonoperational shareholders. Global Atlantic Financial Group (“Global Atlantic”), a leading annuity and life insurance company, provided financing for the transaction. As a result of the transaction, Global Atlantic, who has held an equity position in Origis Energy since 2018, increases its economic interest in the company. Details of the transaction were not disclosed.
The transaction results in the buyout of Pentacon BV, headed by Paul Thiers who co-founded Origis Energy in 2008, and Baltisse NV, headed by Filip Balcaen. Balcaen as well as Thiers, who has served on the Origis Board of Directors (BOD) since its inception, will retire from the BOD. Origis founder, Guy Vanderhaegen, remains Chief Executive Officer and President. Samir Verstyn, Chief Investment and Operations Officer, and Johan Vanhee, Chief Commercial and Procurement Officer will join the BOD.
“Paul and Filip have supported Origis since the beginning and have been instrumental to our success,” said Guy Vanderhaegen. “As we have grown into a leading U.S. renewable energy firm, they felt it was in the best interest of the company to strengthen our ties with Global Atlantic. We thank them for their valued contribution.”
Vanderhaegen continued, “This is a wonderful opportunity also to thank the Global Atlantic team. This transaction not only further strengthens our partnership with Global Atlantic, it demonstrates the trust they continue to have in Origis and their strong commitment to help us grow our business.”
“Our partnership with Origis is an important component of our U.S. renewable energy investing platform,” said Anup Agarwal, Chief Investment Officer at Global Atlantic. “We believe this transaction will further drive our mutual success across the sector.”
Since its inception in 2008, Origis Energy has grown to a leading U.S. renewable energy developer with over one gigawatt (GW) of operational and nearly three GW in contracted solar and energy storage projects to be completed by 2023.
“There is more to come as we develop a 15-GW clean energy pipeline, with projects now from coast to coast,” continued Vanderhaegen. “Our alliance with the Global Atlantic team is key to realizing our vision of being the leading sustainable energy solution provider in the U.S.”
No leadership changes in the company have been made as a result of this transaction. Headquartered in Miami, FL, Origis has grown to nearly 100 employees, with additional offices in San Diego, CA and Austin, TX.