Good Energies Inc., the renewable energy investor, changed its name to Bregal Energy and said future private-equity deals will be primarily in North America’s traditional energy industry.
The name change comes two years after the New York-based fund began investing outside of the renewable-energy industry, it said today in a statement. Good Energies started its portfolio in 2006, and the new name will identify the fund more closely with others that also are part of Bregal Investments, according to John Breckenridge, managing director of Bregal Energy.
The older name “defined us as a renewables only fund” instead of one investing in “any kind of energy,” Breckenridge said today by telephone. “Rather than move away from renewables, we just expanded to a broader energy focus, including renewables,” he said.
The fund will continue to invest in renewable energy, though its “primary focus” will become traditional energy, including oil and gas exploration and production, thermal power plants and power transmission, according to the statement.
“The renewable space still has some interesting opportunities, but it’s become more challenged than it was two or three years ago,” Breckenridge said. “The overall broader energy space has many interesting things going on,” he said.
Good Energies typically invested between $15 million and $75 million per deal, and that won’t change, Breckenridge said. “That’s our sweet spot, and that stays the same.”
Its investments include the Atlantic Wind Connection, a transmission project for U.S. offshore wind power that’s also backed by Google Inc. and Marubeni Corp. The fund also did deals with solar-thermal developer SolarReserve LLC, photovoltaic project developer Agile Energy Inc. and 3tier Environmental Forecast Group Inc., which maps wind and solar resources for developers.
Bregal Investments, founded in 2002, is the private equity business of Cofra Holding AG, the holding company for the Brenninkmeijer family, which founded the closely held C&A Group clothing retailer in the Netherlands.