ECP 2025 Annual Investors’ Meeting

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ECP
2025 Annual Investors’ Meeting

november 13, 2025
9:30 AM – 6:30 PM ET

Agenda

9:30 AM ET

State of the Firm

Doug Kimmelman, Executive Chairman / Founder
10:05 AM ET

Performance & Investment Outlook

Tyler Reeder, President & Managing Partner
10:55 AM ET

Power & Renewable Outlook and Portfolio Review

Andrew Gilbert, Partner
11:35 AM ET

Panel: Navigating Today's Renewable Landscape

Moderated by Matt Himler, Principal
Cody Castaneda, Managing Director, Partnerships and M&A, Ørsted
Santiago Seage, CEO, Atlantica
Tom Hunt, CEO, Pivot
12:20 PM ET

Lunch

1:55 PM ET

Clean Fuel Outlook & Portfolio

Ben Condon, Principal
Francesco Ciabatti, Principal
2:15 PM ET

Environmental Infrastructure Outlook & Portfolio Review

Tyler Kopp, Principal
2:45 PM ET

Fireside Chat

Moderated by Drew Brown, Partner
Patrick Dovigi, CEO, GFL Environmental
Richard Burke, Operating Partner
3:30 PM ET

Fireside Chat

Moderated by Doug Kimmelman
Chris O'Shea, CEO, Centrica
Andrew Novotny, CEO, Calpine
4:15 PM ET

Networking Reception

Speakers

Doug Kimmelman

Executive Chairman / Founder, ECP

BIO

Mr. Kimmelman established ECP in April 2005 and serves as its Executive Chairman. He is a member of ECP's Management and Investment Committee.

Prior to founding ECP, Mr. Kimmelman spent 22 years with Goldman Sachs, starting in 1983 in the firm’s Pipeline and Utilities Department within the Investment Banking Division. He was named a General Partner of the firm in 1996 and remained exclusively focused on the energy and utility sectors and helped lead efforts to form a new business for the firm in becoming an intermediary in electricity trading markets. Mr. Kimmelman also played a leadership role at Goldman Sachs in building a principal investing business in power generation and related energy assets as electricity markets deregulated in the late 1990’s.

Mr. Kimmelman received a B.A. in Economics from Stanford University and an M.B.A. from the Wharton School at the University of Pennsylvania.

Philanthropically, Mr. Kimmelman, alongside his four children, is developing one of the largest non-profit community academic and athletic centers in the country in Los Angeles in honor of his late wife. He is partnering on the project with Tiger Woods's charitable foundation and the United States Tennis Association.

Tyler Reeder

President & Managing Partner, ECP

BIO

Mr. Reeder joined ECP in 2006 and serves as its President and Managing Partner. He is involved in all areas of the Firm’s investment activities, with a particular emphasis on power generation and environmental infrastructure, and is Chair of ECP’s Management Committee, and is also a member of ECP’s Investment, Valuation, Risk, and ESG Committees.

Mr. Reeder led the take-private acquisition of Calpine Corporation and currently serves on the boards of Calpine Corporation, Liberty Tire, Gopher Resource and Restaurant Technologies. Previously, he served on the board of Terra-Gen, LLC and Convergent. Prior to realization, he served on the boards of Heartland Generation, Wheelabrator Technologies Inc., ADA Carbon Solutions, LLC, EnergySolutions, Inc., Dynegy Inc., EquiPower Resources Corp., Broad River Power Holdings, LLC, CE2 Carbon Capital, LLC, and Empire Gen Holdings, Inc.

Prior to joining ECP, Mr. Reeder spent his career in the power generation sector, serving in operating and management roles with two power generation companies. He was a Vice President of Texas Genco, LLC, from 2002 to 2006, where he was head of the asset optimization desk. Prior to that, Mr. Reeder spent two years as an advisor to the consortium of private equity firms that acquired Texas Genco, LLC, in the evaluation of potential power generation acquisition opportunities. From 1998 to 2002, Mr. Reeder was a Director for Energy Markets and a Finance Manager at Orion Power Holdings, Inc. From 1996 to 1998, Mr. Reeder worked at Goldman Sachs.

Mr. Reeder received a B.A. in Economics from Colgate University. Outside of ECP, Mr. Reeder serves on the board of Change Summer, an organization that provides enriching summer opportunities for low-income students.

Andrew Gilbert
Andrew Gilbert

Partner, ECP

BIO

Mr. Gilbert is a Partner at ECP. He is involved in all areas of the firm’s investment activities, with particular emphasis on fossil and renewable power generation and environmental services. He co-chairs ECP’s Risk and Portfolio Company Value Creation Committees. He is also a member of ECP’s Partnership, Management and Investment Committees. Mr. Gilbert serves on the boards of ProEnergy, Atlantica, Calpine Corp., Convergent, Symmetry Energy Solutions, New Leaf, Biffa, Cornerstone Generation, and Anza Renewable Energy. He played a critical role in our transaction with Dynegy Inc. and was instrumental in our management of EquiPower Resources Corp., Brayton Point Power, LLC, Broad River Power Holdings, LLC and Odessa Power Holdings, LLC. Previously, he also served on the boards of Heartland Generation, Wheelabrator Technologies, Inc, and Triton Power Partners LP, prior to its realization.

Prior to joining ECP in 2010, Mr. Gilbert was part of Citigroup’s Global Energy Investment Banking Group, where he focused on the midstream sector.

Mr. Gilbert received a B.S. in Finance and Economics from New York University Stern School of Business and is a CFA Charterholder.

Matt Himler

Principal, ECP

BIO

Mr. Himler is a Principal at ECP. He is involved in all areas of the Firm’s investment activities, with a particular focus on renewable and digital infrastructure. He played a critical role in acquiring over two gigawatts of renewable assets from Orsted, and ECP’s strategic partnership with KKR to support AI growth through investments in data centers and power generation.

Prior to joining ECP in 2012, Mr. Himler was an Analyst in the Power, Energy & Infrastructure Investment Banking Group at Lazard Frères & Co.

Mr. Himler received a B.A. in Economics and Political Science from Amherst College.

Cody Castaneda

Managing director, partnerships and M&A, Ørsted

BIO

Cody Castaneda is Managing Director, Head of Partnerships and M&A Americas at Ørsted, where he has led strategic capital raising and growth initiatives since joining in 2022. Prior to Ørsted, Cody spent 16 years at General Electric, holding leadership roles across multiple business units. Most recently, he served as Senior Vice President at GE Energy Financial Services, where he focused on global equity and project finance deal execution across a range of conventional and renewable energy technologies. During his tenure, he served on various boards and played a key role in energy transactions across the U.S., Latin America, Europe, and Asia. Cody holds a Bachelor of Science in Finance from Arizona State University.

Santiago Seage

CEO, Atlantica

BIO

Santiago is the CEO of Atlantica Sustainable Infrastructure and is an independent director of NYSE listed UGI Corporation.

Atlantica manages $9 billion in renewable energy plants, including solar, wind, geothermal and storage, and other sustainable infrastructure assets and develops new projects in North America, Europe and South America. Atlantica is a global leader in ESG and has been included in CDP’s A list, in S&P Global Sustainability Yearbook and is “top rated” by Sustainalytics.

Santiago has been active in the global renewable energy sector for over fifteen years. Between 2006 and 2013 he was the CEO of Abengoa Solar and before that he was a partner with McKinsey & Co. He started his career with Procter & Gamble. Additionally, he has been a director and advisor to different companies and trade associations over the years.

Tom Hunt

CEO, Pivot

BIO

Tom Hunt is the CEO of Pivot Energy, a role he assumed in 2019. During his tenure as CEO, the company has grown by strong multiples in revenue, income, project deployment, and number of team members. A long-time community solar market leader, Tom also currently serves as the Board Chair for the Coalition for Community Solar Access, the national community solar trade association.

Prior to Pivot, he oversaw corporate development, public policy, and project construction/operations for the first national community solar developer. He has also worked as a Senior Policy Advisor in the Colorado Governor's Energy Office and as a research chemist investigated biofuels synthesis methods. He has an undergraduate degree in biochemistry and two graduate degrees in energy economics. Tom is based at Pivot's Denver headquarters, where he lives with his wife and three daughters.

Ben Condon

Principal, ECP

BIO

Mr. Condon is a Principal at ECP. He is involved in all areas of the Firm’s investment activities, with a particular emphasis on the renewable fuels and carbon capture sectors, and also is a member of ECP’s Valuation, ESG and Associate Committees. He currently serves on the boards of Harvestone Low Carbon Partners GP, LLC, Next Wave Energy Partners, LP, and Avolta Renewable Holdings. He previously served on the board of Sendero Midstream Partners, LP, prior to its realization.

Prior to joining ECP in 2014, Mr. Condon was an Analyst in the Energy Investment Banking Group at Royal Bank of Canada.

Mr. Condon received a B.S. in Economics from Duke University.
Francesco Ciabatti

Principal, ECP

BIO

Mr. Ciabatti is a Principal at ECP. He is involved in all areas of the Firm’s investment activities, with particular emphasis on the renewable fuels, carbon capture and environmental infrastructure sectors, as well as environmental and industrial services, and is co-chair of the ESG Committee. He serves on the boards of Braya Renewable Fuels, US Development Group, Restaurant Technologies, and Metrus Energy. Previously, he served on the boards of Summit Midstream Partners, L.P and ADA Carbon Solutions, and prior to its realization, Transit Energy Group.

Prior to joining ECP in 2013, Mr. Ciabatti was an Analyst in the Natural Resources Investment Banking Group at Barclays.

Mr. Ciabatti received a B.A. in Economics and Political Science from Yale University.
Tyler Kopp

Principal, ECP

BIO

Mr. Kopp is a Principal at ECP. He is involved in all areas of the Firm’s investment activities, with particular emphasis on fossil and renewable power generation and environmental infrastructure. He is on ECP’s Valuation, and ESG Committees, and is an observer of on the Risk Committee. Mr. Kopp currently serves on the boards of ProEnergy, Symmetry Energy Solutions, Liberty Tire, Cornerstone Generation, and Biffa. He previously served on the board of Terra-Gen, LLC., prior to its realization.

Prior to joining ECP in 2014, Mr. Kopp was an Analyst in the Power & Utilities Investment Banking Group at Bank of America Merrill Lynch.

Mr. Kopp received a B.S. in Engineering Science from Vanderbilt University.
Drew Brown

Partner, ECP

BIO

Mr. Brown is a Partner at ECP. He is involved in all areas of the Firm’s investment activities, with particular emphasis on sustainability, environmental infrastructure and services. Currently, Mr. Brown serves on the boards of Biffa, Restaurant Technologies, Inc., Liberty Tire, Gopher Resource, Green Infrastructure Partners and Reflectance Energy. Prior to realization, Mr. Brown served on the boards of EnergySolutions, Inc., and Cormetech Inc.

Prior to joining ECP in 2012, Mr. Brown was an Analyst in the Natural Resources Investment Banking Group at Deutsche Bank Securities.

Mr. Brown received a B.A. in Economics from the College of William & Mary.
Patrick Dovigi

CEO, GFL Environmental

BIO

Patrick Dovigi is the Founder, President, CEO and Chairman of the Board of Directors of GFL Environmental Inc., a leading provider of environmental solutions operating from facilities across Canada and more than half of the United States. GFL is headquartered in Vaughan, Ontario, Canada and is the fourth largest environmental services company in North America.

Patrick founded GFL in 2007, with a vision to create a "one-stop shop" provider of environmental solutions. After multiple rounds of successful private equity investments, Patrick took GFL public in March of 2020 in the third largest IPO in Toronto Stock Exchange history. GFL’s shares are listed on both the New York and Toronto Stock Exchanges under the trading symbol GFL.

In his continuing drive to create shareholder value for GFL, in 2022 Patrick led the spin-off of GFL’s infrastructure business with private equity partners to create Green Infrastructure Partners, Inc., a leading provider of vertically integrated infrastructure services. In August of 2025, Patrick led the successful recapitalization of GIP at an enterprise value of $4.25 billion, with GFL’s stake valued at approximately $3.0 billion. Earlier in 2025, Patrick led the sale of GFL’s environmental services business at an enterprise value of $8.0 billion, with GFL retaining a $1.7 billion equity interest in the business.

Patrick has instilled an entrepreneurial culture in GFL's leadership team with a focus on execution, operational excellence, sustainability and safety as core values. The results are evidenced in GFL’s growth trajectory. Since its IPO, GFL has achieved an annualized total shareholder return of 22.5%, significantly ahead of GFL’s waste peer group.

Patrick has been recognized with a Top 40 Under 40 award by Waste360, an Entrepreneur of the Year for Ontario award in the Power & Utilities Sector by EY Entrepreneur of the Year and as Canada’s Most Admired CEO in the Enterprise category by Waterstone Capital.

Patrick is also driven by a passion to give back to his community and is a regular supporter of charities supporting local family and health initiatives. Notably, in 2019, he contributed $5 million to help create the Dovigi Family Sports Medicine Clinic, a first of its kind sports medicine research and care facility providing support to individuals with sports-related injuries. In 2020, he contributed $3 million to the Limitless Campaign at Havergal College, the largest single donation to the school in its history.

Patrick is married to Fernanda Dovigi and is a devoted father of 5 children.
Richard Burke

Operating Partner, ECP

BIO

Mr. Burke is an Operating Partner at ECP and currently serves as Chairman of the Board of Biffa. He is a member of the ECP Operations Group.

Prior to joining ECP in 2023, Mr. Burke was CEO and Chairman of the Board of Advanced Disposal (NYSE: ADSW). Mr Burke took ADSW public in 2016 and then led the sale of the business to Waste Management in 2020. Mr. Burke has more than 35 years of operational and senior leadership experience in the environmental sector.

Mr. Burke received a BA in Political Science from Randolph Macon College.
Chris O'Shea

CEO, Centrica

BIO

Chris is the CEO of Centrica, an integrated energy company with interests across the entire energy value chain including electricity generation, nuclear, gas and electricity storage, LNG, energy trading and management, wholesale and retail energy supply, and in-home services. With more than 10 million customers in the UK and Ireland, and 17 gigawatts of third-party electricity generation under management, Centrica is at the forefront of the energy transition in Europe.

Since becoming CEO in 2020, Chris and his 20,000 colleagues have led a major transformation of the business, creating a more resilient, focused business delivering innovative customer solutions and long-term growth aligned with the evolving energy system. Centrica delivered adjusted operating profits of £1.6 billion and free cash flow of £1.0 billion in 2024 and has more recently made a series of landmark investments, which total almost £3 billion, including in the Sizewell C new nuclear project, and the acquisition of the Isle of Grain LNG terminal. Together, these will deliver clean, secure and affordable energy for the UK for decades to come.

Chris is a Non-Executive Director of ITT Inc, a manufacturer of critical engineered components that serve fast-growing end markets in transportation, flow, energy, aerospace and defence.

Chris has a master’s from Duke University, a degree from the University of Glasgow and an Honorary Doctorate from the University of Strathclyde. He is a Chartered Accountant and a Fellow of the Energy Institute.

Chris has spent a large part of his working life in the energy industry, living and working in the UK, the US and Nigeria for Shell and BG Group. Prior to becoming CEO, Chris was CFO at Centrica and two other UK listed technology driven manufacturing businesses.
Andrew Novotny

CEO, Calpine

BIO

Andrew Novotny became Calpine’s Chief Executive Officer and a member of its Board of Directors in October 2024 and also has served as President of Calpine since May 2023. Mr. Novotny joined Calpine in April 2012 as Vice President of Power Trading. He became Executive Vice President of Commercial Operations in March 2018. Mr. Novotny became Calpine’s Chief Operating Officer in January 2021. Before joining Calpine, Mr. Novotny served as Vice President of Financial Gas and Power Trading for the BG Group and Vice President at Duke Energy. Andrew holds a Bachelor of Arts from Vanderbilt University, graduating magna cum laude with high honors in Economics. He also received a Master of Business Administration from Rice University, where he was named a Jones Scholar.

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