Energy Infrastructure/MLPs Weekly See You at EIC!; JPM EIC QBank; Earnings Takeaways; BTM Power In Focus; News Flow; Comps

Research evidence excerpt

Energy Infrastructure/MLPs Weekly See You at EIC!; JPM EIC QBank; Earnings Takeaways; BTM Power In Focus; News Flow; Comps

en Engines AS represents a key

derisking milestone for LPI’s equipment procurement pipeline, supporting

delivery and performance testing beginning in 2H27 and aligning with LPI’s 1

GW by YE27 and 3 GW by YE29 targets. These contracts, which include engines

and balance-of-plant equipment for data center and distributed power projects,

are structured with parent guarantees and liquidated damages provisions,

providing downside protection while acknowledging execution risk. Notably, the

Bergen agreement follows a similar playbook to other leading OFS-to-power

pivots and highlights the intensifying race among OFS players to secure long-lead

equipment and derisk project delivery.

• SEI is emerging as a premier vertically integrated provider of behind-the-meter

power solutions, with 3.1 GW of capacity expected to be delivered by YE29 (2.1

GW currently under long-term contracts) and a customer base anchored by three

major global technology companies. The company’s recent commercial wins

include a >600 MW, 10-year contract and a >500 MW, 10-year contract, both with

investment-grade hyperscalers, as well as a 900 MW Stateline JV (7-year term).

SEI’s strategy is to deliver turnkey and rapidly deployable power solutions,

including generation, balance of plant, last-mile gas delivery, and distribution/

management systems, tailored to the evolving needs of data centers and industrial

customers, with a growing focus on providing not just generation but also BOP

and technical services (which can drive a 20-50% uplift to project EBITDA).

Management noted that the market is shifting toward longer-term, more