Ara Partners, a private markets firm focused on industrial decarbonisation, is set to acquire Gate City Power, Gate City Renewable Fuels and a stake in the JET retail fuel network in a deal valued at about $875 million.
The acquisition will be financed through equity from funds and co-investment vehicles managed by Ara and its affiliates.
The portfolio includes Gate City Power’s thermal generation assets in the New York Independent System Operator (NYISO) and ISO New England markets, with a combined capacity of around 2.2 gigawatts.
It also includes Gate City Renewable Fuels, which operates ethanol production facilities in the United States with a combined capacity of about 400 million gallons per year.
In addition, Ara will acquire an interest in the JET retail fuel network, which operates around 970 fuel stations across Germany and Austria and sells about 5.2 billion litres of fuel annually.
Ara Energy secured rights to acquire the Gate City Power and Gate City Renewable Fuels assets from HF Capital. The stake in the JET network will be acquired in partnership with Ara Infrastructure.
Shameek Konar, partner and head of Ara Energy, said the investments span power generation, biofuels and fuel retail and distribution.
The transactions are expected to close in early 2026, subject to regulatory approvals and other customary conditions.
