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US Grid Co. obtains capital investments to acquire critical generation assets

New York-based power plant operator US Grid Company LLC secured investments from private equity firms EnCap Investments LP and Yorktown Partners LLC.

US Grid will use the capital investments to acquire and manage electric generation assets in major U.S. cities deemed critical to reliability and also contribution to reductions in emissions. "Their commitment will help us achieve our objective to catapult the energy eco-system in the nation's major cities towards the achievement of net zero carbon emissions with a high reliability of power supply," CEO Jacob Worenklein said in an Oct. 23 statement.

Worenklein was previously head of independent power producer US Power Generating Co. LLC, which owned and operated power plants both in Boston and New York City.