Conduit Power and Eldridge Announce $200 Million Equipment Financing Facility

HOUSTON--(BUSINESS WIRE)--Conduit Power, LLC (“Conduit”), a developer and operator of distributed power generation assets, today announced the closing of a $200 million equipment financing facility with Eldridge Capital Management (“Eldridge”). The facility will support the buildout of Conduit’s recently announced 200MW distributed generation portfolio in ERCOT.

The master equipment lease facility provides financing for generation equipment and is designed to align with Conduit’s modular deployment model, funding multiple projects as sites are commissioned.

Conduit’s distributed generation platform develops strategically located, fast-start, dispatchable power assets designed to serve grid-constrained regions in ERCOT. Interconnecting at the distribution level and deploying modular facilities, Conduit delivers reliable capacity on accelerated timelines without requiring large-scale transmission upgrades.

“This facility provides scalable capital aligned with our deployment model and validates the strength of our distributed generation strategy,” said Matt Herpich, Chief Executive Officer of Conduit Power. “Eldridge’s partnership enables us to accelerate deployment of 200MW of near-term capacity in ERCOT and to execute on our strategy of delivering reliable, cost-competitive power into structurally undersupplied markets.”

The financing underscores Conduit’s position as a leading distributed power platform serving wholesale markets, industrial behind-the-meter applications, and data center customers. Conduit delivers its hybrid gas and battery power solutions to data centers in 50MW blocks, powering campuses across the U.S. in under two years. Conduit’s modular, dispatchable generation model is built to deliver reliable, scalable capacity as demand continues to rise.

"Energy, industrial, data center, and residential load growth in West Texas will challenge grid capacity for years to come, and the interconnection queue is significant and growing,” said Kyle Parks, Managing Director and Co-Head of Asset Based Credit at Eldridge Capital Management. “With its deep technical expertise, forward-thinking leadership, and strong partnerships, we believe Conduit is well-positioned to become an accretive contributor to rebalancing the region’s power dynamics. We are proud to support the team, their investment thesis, and the physical assets essential to executing Conduit’s vision.”

Eldridge Diversified Credit invests across a broad spectrum of asset-based credit, corporate credit, opportunistic, and structured credit. Eldridge’s asset-based credit strategy provides loans and leases secured by mission-critical, income-producing assets across a diverse set of industries and asset classes, including manufacturing, energy and power, maritime, chemicals, metals, technology, aircraft, and railcars. Since 2015, Eldridge’s asset-based credit investment team has originated over $17.5 billion of asset-based transactions and today operates one of the largest private, independent equipment finance platforms in North America by both assets and origination volume as of 2026.

About Conduit Power

Conduit Power is an Independent Power Producer (“IPP”) and services platform established to design, build, own and operate natural gas and battery storage power generation for commercial and industrial customers. Conduit’s mission is to offer total power solutions that help our customers accelerate in-service dates, lower costs, improve operations, reduce carbon emissions, and capture more value for natural gas. Conduit is backed by Grey Rock Investment Partners. For more information, please visit www.conduitpower.co.

About Grey Rock Investment Partners

Grey Rock Investment Partners is a Dallas-based private equity firm investing across the energy value chain, including natural resources, geothermal power, carbon capture and sequestration, industrial decarbonization, power optimization, and methane abatement on behalf of institutional investors. For more information, visit www.grey-rock.com.

About Eldridge

Eldridge is an asset management and insurance holding company with over $70 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports & entertainment. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com.