- On November 6, 2024, KeyBanc Capital Markets successfully closed a Senior Secured Credit Facility of up to $60 million. - The facility consists solely of a construction-to-term loan. - Proceeds will fund projects associated with RPC Power, LLC, a joint venture between Riley Exploration Permian, Inc. and Conduit Power, LLC. - RPC Power was formed in 2023 to construct, own, and operate power generation assets. - Initially, RPC Power aimed to use Riley Permian’s produced natural gas for a 20MW portfolio of generation assets. - The portfolio provides power for a portion of Riley’s operations in Yoakum County, Texas. - In 2024, RPC Power expanded its scope to allow the generation and sale of dispatchable power to ERCOT. - RPC Power plans for an additional 100MW of generation and battery energy storage systems across multiple facilities in West Texas. - Conduit Power, LLC offers customized solutions to help commercial and industrial customers lower power costs. - Conduit’s services include turnkey design, procurement, and construction of electrical infrastructure, along with ongoing operations and maintenance of equipment. - Conduit's dispatchable power solutions reduce customer carbon footprints and enhance renewable energy integration. - Conduit is developing 100-200+ MW combined thermal generation and battery storage portfolios. - Riley Permian (NYSE:REPX) is a growth-oriented energy company operating in Texas and New Mexico. - Riley focuses on modern drilling techniques and invests in infrastructure projects to optimize operations and diversify revenue. - Founded in 2013, Grey Rock is a private equity firm based in Dallas, Texas. - Grey Rock invests across the energy value chain, emphasizing natural resources, carbon capture, industrial electrification, and power optimization. - Conduit is one of Grey Rock’s first investments in its Net Zero Opportunities Fund.

RPC Power, LLC

Overview
Deal Type Debt Capital Markets

Size $60 Million
Senior Secured Credit Facility

Client & Transactional Partners RPC Power, LLC
Conduit Power, LLC
Riley Exploration Permian, Inc.

Our Role Coordinating Lead Arranger
Sole Bookrunner
Administrative Agent
Collateral Agent


Summary


On November 6, 2024, KeyBanc Capital Markets (KBCM) successfully closed on a Senior Secured Credit Facility of up to $60 million, comprised solely of a construction-to-term loan facility. The proceeds will be used to fund projects associated with RPC Power, LLC, a joint venture between Riley Exploration Permian, Inc. and Conduit Power, LLC. RPC Power was formed in 2023 to construct, own and operate power generation assets. KBCM served as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent and Collateral Agent on the transaction.

RPC Power's initial scope was to use Riley Permian’s produced natural gas for a 20MW portfolio of generation assets which provide power for a portion of Riley’s operations in Yoakum County, Texas. RPC Power expanded its scope in 2024 to allow for the generation and sale of dispatchable power and related services to ERCOT, with plans for an additional 100MW of generation and battery energy storage systems across multiple facilities in West Texas.

Conduit Power, LLC provides customized full-service solutions to help commercial and industrial customers lower power procurement costs and improve the uptime and reliability of delivered power. Conduit's offering includes turnkey design, procurement, and construction of electrical infrastructure, ongoing operations and maintenance of equipment, power procurement and brokerage, and asset financing. Conduit's dispatchable power reduces its customers’ carbon footprint while enabling further integration of additional renewable generation into their systems. Conduit is actively developing multiple 100-200+ MW combined thermal generation and battery storage portfolios as well as behind-the-meter solutions.

Riley Permian (NYSE:REPX) is a growth-oriented energy company with operations in Texas and New Mexico. Riley focuses on applying modern horizontal drilling and completions techniques to oil-saturated and liquids-rich formations. Additionally, Riley invests in infrastructure projects such as electric power that it believes can optimize its operations and diversify its revenue mix.

Founded in 2013, Grey Rock is a private equity firm based in Dallas, Texas. Grey Rock invests across the energy value chain with private equity funds focusing on investments in natural resources, carbon capture, industrial electrification, and power optimization. Conduit represents one of Grey Rock’s first investments in its Net Zero Opportunities Fund.