Eldridge Capital Management has closed a $350 million lease facility with PROPWR, the power generation solutions division of ProPetro Holding. PROPWR, formally known as ProPetro Energy Solutions, LLC, will use the facility to access growth capital for the acquisition of new power generation equipment supporting its commercial pipeline across oilfield, industrial, and datacenter sectors.
The lease facility provides additional capital for PROPWR to acquire high-efficiency natural gas reciprocating engine generators and modular turbines as it works toward delivering 750 megawatts of power capacity by 2028. The financing is designed to support project specific and engineered behind the meter power solutions in markets where electricity demand is outpacing grid availability.
Eldridge said the transaction aligns with its asset-based credit strategy, which since 2025 has committed more than $2 billion across 2.4 gigawatts in the power sector. The firm’s diversified credit platform invests across asset-based credit, corporate credit, and structured credit, providing loans and leases secured by mission-critical, income-producing assets across industries including manufacturing, energy and power, maritime, chemicals, metals, technology, aircraft, and railcars.
Since 2015, Eldridge has originated more than $17 billion in asset-based transactions and operates what it describes as the largest private, independent equipment finance platform in North America by both assets and origination volume as of 2026.
Eldridge is an asset management and insurance holding company with over $70 billion in assets under management across two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. The wealth solutions platform includes wholly owned insurance companies Security Benefit and Everly Life, and Eldridge itself is wholly owned by Eldridge Industries.
ProPetro Holding Corp., based in Midland, Texas, provides completion and power services to upstream oil and gas companies focused on North American unconventional oil and natural gas development.
KEY QUOTES
“We are excited to partner with PROPWR as it continues to expand its business to address the growing electricity needs of its diverse customer base. Eldridge’s lease facility supports PROPWR’s strategic vision to deliver project specific and engineered behind the meter power solutions at a time when electricity demand continues to outpace grid availability.”
Kyle Parks, Managing Director at Eldridge Capital Management
