Middle River Power: Company Profile

Background

Middle River Power (MRP) is a private equity-sponsored investment and asset management platform focused on U.S. power generation assets. Established in 2016 and headquartered in Chicago, Illinois, MRP specializes in optimizing and developing critical energy infrastructure to accelerate the transition to cleaner energy sources. The company's mission is to deliver innovative, reliable, and cost-effective energy solutions by integrating renewable technologies with existing power generation facilities. MRP's vision is to lead the energy transition by leveraging its expertise in asset management and development to meet the evolving needs of customers and communities. The company holds significant industry importance through its strategic focus on hybrid energy centers and its substantial portfolio of power generation assets across multiple U.S. regions.

Key Strategic Focus

MRP's strategic focus centers on the development and management of hybrid energy centers that combine traditional power generation with renewable energy sources, particularly battery energy storage systems (BESS). This approach enhances grid reliability, reduces greenhouse gas emissions, and supports the integration of intermittent renewable energy into the power grid. The company's core objectives include:

Asset Optimization: Repositioning existing natural gas-fired power plants by integrating BESS to create hybrid energy centers.

Renewable Integration: Accelerating the deployment of renewable energy technologies alongside traditional generation to meet clean energy goals.

Grid Reliability: Enhancing the flexibility and reliability of the power grid through the combination of renewable and traditional energy sources.

Market Expansion: Identifying and capitalizing on opportunities in various U.S. power markets, including California, Texas, Illinois, Maryland, Virginia, West Virginia, and Pennsylvania.

MRP specializes in co-located and hybrid renewable development projects, utilizing existing infrastructure to expedite the deployment of clean energy solutions. The company employs advanced technologies such as BESS and collaborates with industry leaders to implement innovative energy storage solutions. Its primary markets include regions with established power generation facilities and growing renewable energy mandates, particularly in California and other parts of the U.S.

Financials and Funding

In June 2025, Partners Group, acting on behalf of its clients, acquired a 1.9 GW portfolio of 11 natural gas power plants in California from the Avenue Golden Continuation Fund, L.P., along with Middle River Power, the operator of these assets. The transaction valued the portfolio and MRP at an enterprise value of $2.2 billion. This acquisition underscores the strategic importance of MRP's hybrid energy center model and its role in advancing the energy transition.

Pipeline Development

MRP has an active pipeline of projects focused on integrating BESS with existing power generation facilities to create hybrid energy centers. Notable projects include:

Midway Hybrid Energy Center: Located in Firebaugh, California, this facility combines a 122 MW simple-cycle gas turbine with a 120 MW/120 MWh BESS. Contracts are in place with PG&E and Central Coast Community Energy, with the hybrid BESS expected to be operational by January 2026.

Colton Hybrid Energy Center: Situated in Colton, California, this center comprises two 40 MW simple-cycle gas turbines co-located with a 40 MW BESS. The hybrid BESS is currently under development and is expected to be operational by 2030.

These projects exemplify MRP's commitment to enhancing grid reliability and supporting California's clean energy objectives through innovative hybrid energy solutions.

Technological Platform and Innovation

MRP distinguishes itself through the development of hybrid energy centers that integrate BESS with existing natural gas-fired power plants. Key technological innovations include:

Battery Energy Storage Systems (BESS): Deploying large-scale BESS to store excess renewable energy and release it during peak demand periods, thereby reducing reliance on fossil fuels and enhancing grid stability.

Hybrid Energy Centers: Combining renewable energy sources with traditional generation facilities to create flexible, reliable, and cost-effective power solutions.

Advanced Energy Management: Utilizing sophisticated software platforms, such as FlexGen's HybridOS 10.2, to optimize the operation of hybrid energy centers and maximize efficiency.

Leadership Team

MRP's leadership team comprises seasoned professionals with extensive experience in the energy sector:

Mark Kubow: Chief Executive Officer. With over 30 years in the energy industry, Kubow has previously served as CEO of CalPeakPower and has a background in managing and developing power generation assets.

James Suehr: Chief Financial Officer. Suehr brings a wealth of experience in financial management within the energy sector, overseeing MRP's financial strategies and operations.

Claude Couvillion: Senior Vice President, Operations & Development. Couvillion leads MRP's operational and development initiatives, ensuring the successful execution of hybrid energy projects.

Graham Baldwin: Senior Vice President, Commercial. Baldwin is responsible for MRP's commercial strategies, including partnerships and market expansion efforts.

Jeremy Meattey: Vice President, Strategy & M&A. Meattey focuses on strategic planning and mergers and acquisitions, driving MRP's growth and market positioning.

Brant Yung: Vice President, Finance & Asset Strategy. Yung oversees financial planning and asset management, optimizing MRP's portfolio performance.

Joe Dubinski: Senior Vice President & General Counsel. Dubinski manages legal affairs and compliance, supporting MRP's operations and strategic initiatives.

Ed Karas: Vice President, Finance & Accounting. Karas leads financial reporting and accounting functions, ensuring transparency and accuracy in MRP's financial operations.

Dan Harmon: Vice President, Project Development. Harmon directs the development of new projects, coordinating efforts to expand MRP's asset base.

Brian Theaker: Vice President & Head of Regulatory Affairs. Theaker manages regulatory compliance and policy engagement, navigating the complex energy regulatory landscape.

Market Insights and Competitor Profile

The U.S. power generation market is undergoing a significant transformation, with a strong emphasis on integrating renewable energy sources to meet decarbonization goals. The increasing penetration of intermittent renewable energy necessitates the development of flexible and reliable power solutions, such as hybrid energy centers, to maintain grid stability and meet peak demand. This evolving landscape presents opportunities for companies like MRP to leverage their expertise in hybrid energy solutions.

Key competitors in the hybrid energy sector include:

NextEra Energy Resources: A leading clean energy company with a substantial portfolio of renewable energy projects and energy storage solutions.

NRG Energy: An integrated power company involved in the development and operation of renewable energy projects and energy storage systems.

Calpine Corporation: A major power generator with a focus on natural gas-fired power plants and a growing interest in renewable energy integration.

These competitors are actively engaged in developing hybrid energy solutions and energy storage projects, contributing to the competitive dynamics of the market.

Strategic Collaborations and Partnerships

MRP has established significant partnerships to enhance its market position and innovation capacity:

Ameresco: In July 2023, MRP secured four BESS design/build project contracts totaling 379 MWh with Ameresco for integration at California gas power plants.

FlexGen Power Systems: In January 2023, MRP partnered with FlexGen to provide 420 MWh of energy storage across four California sites, co-located with existing natural gas peaking plants.

California Resources Corporation (CRC): In December 2025, MRP entered into a Memorandum of Understanding with CRC to advance carbon capture and sequestration solutions at its California facilities, including the High Desert and San Joaquin Energy Center plants.

These collaborations strengthen MRP's capabilities in delivering innovative and sustainable energy solutions.

Operational Insights

MRP's strategic focus on hybrid energy centers positions it favorably in the competitive landscape. By integrating renewable energy sources with existing power generation facilities, MRP offers flexible and reliable solutions that address the challenges of grid stability and decarbonization. The company's partnerships with industry leaders further enhance its operational effectiveness and market reach.

Strategic Opportunities and Future Directions

MRP's strategic roadmap includes:

Expansion of Hybrid Energy Centers: Developing additional hybrid energy projects to increase renewable energy integration and support grid reliability.