Bluesource’s Merger with Element

Kirkland & Ellis advised TPG Rise and Element Markets, while Parr Brown Gee & Loveless advised Bluesource on the deal.

Bluesource, LLC, the largest carbon credit developer in North America, and Element Markets, LLC, a leading renewable natural gas marketing and environmental commodities company, announced that they are merging to form a combined entity under majority ownership by TPG Rise, a global impact investing platform managed by alternative asset firm TPG. 

NGP, through its energy transition investment platform NGP ETP, is joining TPG Rise in the transaction. 

TPG Rise Climate is the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise. TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals, the strategic relationships developed across TPG’s existing portfolio of climate-focused companies, and a global network of executives and advisors.

The Rise Funds are a core pillar of TPG Rise, TPG’s global impact investing platform. Founded in 2016 by TPG in partnership with Bono and Jeff Skoll, The Rise Funds invest behind impact entrepreneurs and growth-stage, high potential, mission-driven companies that are focused on achieving the United Nations’ Sustainable Development Goals. 

Element Markets is a leading renewable natural gas marketing and environmental commodities company that applies its diverse expertise to provide structured environmental compliance and optimization services to corporate and institutional clients. The company has a successful track record within the renewable natural gas, low carbon fuels, emissions, carbon, and renewable energy credit markets.

Bluesource is the most experienced and most diversified corporate climate advisor providing innovative, trusted environmental services and products in North America. A full-service climate and energy action partner, Bluesource counsels leading organizations at every stage of the business cycle to simplify their next steps toward achieving their climate and environmental goals. 

NGP ETP focuses on investments that are part of the global transition toward a lower carbon economy. NGP ETP partners with top tier management teams and invests growth equity in companies that drive or enable the growth of renewable energy, the electrification of our economy or the more efficient use of energy. 

The Kirkland team was led by corporate partners Kevin Crews (Picture), John D. Furlow and Courtney Roane and associates Jacqueline Scioli, Thomas Matteson and Sam Roberts; debt finance partners Lucas Spivey and Arthur Lotz and associates Marco Chan and Steven Keithley; tax partners David Wheat and Lane Morgan; energy regulatory partner Drew Stuyvenberg; ESG & Impact partner Alex Farmer and associate Kaela Colwell; environmental transactions partner Jim Dolphin and associate Courtney Tibbetts; executive compensation Stephen Jacobson and associate Karsten Busby; and antitrust partner Carla Hine.

Involved fees earner: Karsten Busby – Kirkland & Ellis; Marco Chan – Kirkland & Ellis; Kaela Colwell – Kirkland & Ellis; Kevin Crews – Kirkland & Ellis; James Dolphin – Kirkland & Ellis; Alexandra Farmer – Kirkland & Ellis; John Furlow – Kirkland & Ellis; Carla Hine – Kirkland & Ellis; Stephen Jacobson – Kirkland & Ellis; Steven Keithley – Kirkland & Ellis; Arthur Lotz – Kirkland & Ellis; Thomas Matteson – Kirkland & Ellis; Courtney Roane – Kirkland & Ellis; Sam Roberts – Kirkland & Ellis; Jacqueline Scioli – Kirkland & Ellis; Lucas Spivey – Kirkland & Ellis; Drew Stuyvenberg – Kirkland & Ellis; Courtney Tibbetts – Kirkland & Ellis; David Wheat – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Element Markets; TPG Rise Climate;