Investment firm to provide capital support for electricity provider’s record-setting growth
02-22-2006 – Stream Energy, a fast-growing retail electricity provider located in Dallas, announced today that it has concluded an institutional-round equity investment from Natural Gas Partners VIII L.P., a private equity fund managed by NGP Energy Capital Management of Irving, Texas. The fund acquired $10 million of Series A Preferred Limited Partnership Units and provided $2 million of additional credit under Stream’s revolving loan facility.
“In less than a year of activity, Stream Energy has gained a sizeable Texas market share by educating electricity consumers that ‘choice matters’,” said Rob Snyder, Chairman and founder of Stream Energy. “In this connection, we look to partner with firms that share our vision as to emerging opportunities that are materializing from the deregulation of the Texas electricity market. Natural Gas Partners is renowned internationally for its unbridled vision and investment savvy within the energy market – and we at Stream Energy are gratified by their support and confidence in our direction.”