Global Infrastructure SherpaAra Energy to acquire Gate City Power, Gate City Renewable Fuels, and interest in JET retail network for $875M
USD875M
Deal Value
2.2 GW
Capacity
Ara Energy, a subsidiary of Ara Partners, is acquiring Gate City Power, Gate City Renewable Fuels, and an interest in the JET retail network for approximately $875 million. The acquisition includes Gate City Power's 2.2 GW of thermal generation assets across NYISO and ISO-NE, Gate City Renewable Fuels' 400 million gallons per year of U.S. ethanol production assets, and nearly 970 JET retail fuel stations in Germany and Austria. This transaction advances Ara's Energy strategy to optimize and decarbonize critical energy infrastructure across North America and Europe.
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Counterparts (7)
Seller
G
Gate City Renewable Fuels
Greensboro, NC-based Gate City Renewable Fuels is a developer, owner, and operator of renewable natural gas (RNG) projects, primarily focused on waste-to-energy solutions across the United States.
Gate City Power
Fergus Falls, USA-based electric utility, a subsidiary of Otter Tail Corporation, serving 132,500 customers across Minnesota, North Dakota, and South Dakota. The company operates a diverse generation portfolio of approximately 1,300 MW, including natural gas (such as the 250 MW Gate City Station), coal, wind, and solar assets.
H
HF Capital
HF Capital is an independent investment management firm based in New York, USA, focused on alternative investments including infrastructure assets across transportation, energy, utilities, and digital infrastructure, seeking stable, long-term cash flows.
J
JET retail network
JET retail network is a brand of over 1,000 fuel stations across the UK, Germany, Austria, Denmark, Norway, and Sweden, owned and operated by Phillips 66. The network provides fuel and convenience services for road transport, with a growing focus on EV charging solutions.
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Subscribe from €20/mo →Deal Analysis
Ara Energy, a subsidiary of industrial decarbonization specialist Ara Partners, just committed $875 million to a remarkably diverse energy portfolio. The acquisition spans 2.2 GW of thermal generation assets across NYISO and ISO-NE, alongside 400 million gallons per year of U.S. ethanol production. Adding to the complexity, the deal also includes nearly 970 JET retail fuel stations in Germany and Austria. This move signals Ara's strategy to optimize and decarbonize existing, critical energy infrastructure across both North America and Europe, rather than solely focusing on new greenfield projects.
- Ara Energy's $875 million acquisition.
- Includes 2.2 GW of US thermal generation assets.
- Adds 400 million gallons/year of US ethanol production.
- Expands into European retail with nearly 970 JET fuel stations.
Timeline
Announced
Mar 11, 2026
Signed
Closed
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