Eldridge Provides $350M Lease Facility to ProPetro’s Power Unit
Event summary
- Eldridge closed a $350 million lease facility with ProPetro’s power division PROPWR on February 23, 2026.
- Funds will support PROPWR’s acquisition of natural gas generators and turbines to reach 750 MW capacity by 2028.
- Eldridge has committed over $2 billion in power-sector financing since 2025, totaling 2.4 GW.
- Eldridge manages $70 billion in assets across credit, real estate, and sports/entertainment strategies.
The big picture
Eldridge’s $350 million lease facility underscores the growing need for off-grid power solutions as electricity demand strains conventional infrastructure. The deal highlights Eldridge’s expansion in asset-based credit, particularly in high-growth sectors like energy and data centers. With $70 billion in AUM, Eldridge is positioning itself as a key financier for power infrastructure projects amid broader energy transition trends.
What we're watching
- Execution Risk
- Whether PROPWR can deploy the $350 million capital efficiently to meet its 750 MW target by 2028.
- Market Demand
- The pace at which electricity demand outpaces grid availability in oilfield, industrial, and datacenter sectors.
- Competitive Positioning
- How Eldridge’s growing power-sector exposure (2.4 GW since 2025) impacts its competitive edge in equipment financing.
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