One Project at a Time, See How We Deliver Value Through Operational Excellence.

Enterprise Value Enhancements

Third Planet Windpower

We helped Third Planet Windpower grow from an early-stage development platform into a self-sustaining company with a strong focus on execution and a lean, efficient G&A structure. During the 2008 financial crisis, we successfully solved a major challenge involving a 250MW GE turbine supply agreement—ensuring that all turbines were delivered on time, achieving commercial operation dates as planned, and securing qualification for the federal cash grant program without any additional cost.

Drawing on our deep operational experience, we also established industry-leading best practices for operations and maintenance, as well as asset management, with a strong emphasis on speed and cost control. In addition, we developed unique incremental revenue streams within the ERCOT market. These combined efforts allowed our investor, Morgan Stanley, to transact on the platform with a par or better outcome.

Enterprise Value Enhancements

NaturEner USA

When Morgan Stanley appointed us to lead NaturEner USA as CEO and President, we took on the challenge of transforming the organization. We helped shift NaturEner from an inefficient development company into a self-sustaining development and operating platform focused squarely on execution and profitability.

Through a full reorganization, we stabilized and right-sized the company, significantly improving its G&A structure. We also renegotiated and extended several of NaturEner’s offtake and power marketing agreements—profitably and strategically. Building on best practices developed at Third Planet Windpower, we replicated industry-leading operations and maintenance, and asset management systems to drive even stronger performance.

During the COVID-19 pandemic, we successfully relocated the company and its NERC-certified Balancing Authorities (BAs) from a high-cost California location to a more cost-effective Florida base. This move not only delivered major G&A savings, but also strengthened the BAs into a reliable, profitable part of the business, including the launch of new third-party scheduling services. We enhanced NaturEner’s NERC Compliance Program to address past violations and opened new incremental revenue streams in both the WECC and Alberta power markets.

Additionally, we led the profitable sale of NaturEner’s Canadian assets to Capital Power. Due to the overall efforts by the Onyx Energy team, Morgan Stanley successfully exited its investment in NaturEner USA with a strong return through a sale to Berkshire Hathaway Energy.

Repower

BlackRock

BlackRock’s Climate and Infrastructure Group brought us in to complete the development of the Big Sky Project, a repower asset in Illinois. Our work included re-permitting the project and negotiating both the EPC and turbine supply agreements to repower the site with GE turbines. Thanks to Onyx Energy’s efforts, BlackRock successfully exited the project with a sale to Vitol Renewables.

Transmission Development

We have successfully developed radial high-voltage transmission lines across ERCOT, WECC, and AESO, helping connect utility-scale wind projects to key offtake markets. Our work has supported major entities like NextEra, Morgan Stanley, and BlackRock, creating valuable pathways to bring renewable energy to market.