GENERAL

OnSite Partners

Carve-out of distributed generation portfolio from utility with plan to stand-up and establish independent platform

Please note this investment was executed during prior employment of a Reinova team member

• Basalt bought AEP’s DG portfolio in 2024 for $315 m, below book value.

• Assets span solar, gas-fired, BESS and fuel-cell across PJM, MISO, ISO-NE.

• Basalt bought AEP’s DG portfolio in 2024 for $315 m, below book value.

• Assets span solar, gas-fired, BESS and fuel-cell across PJM, MISO, ISO-NE.

• Attractive entry valuation captured carve-out dis-synergies.

• Navigated complex perimeter changes and separation timeline.

• Carve-out of systems, personnel and contracts; added senior leadership and incentives.

• Built BD pipeline to deploy growth capex and greenfield DG projects.

• Stand-alone platform with growth runway targeted to infra-fund buyers.

• Scale and diversification support premium platform multiple.