US-based energy company BKV has completed the $115.1m acquisition of an additional stake in BKV-BPP Power, a joint venture (JV) between BKV and BPPUS, increasing its ownership from 50% to 75%.
The transaction, conducted through a combination of cash and 5,315,390 newly issued shares, grants BKV greater control over the JV and streamlines its power operations.
The transaction, first announced on 29 October 2025, advances BKV’s closed-loop energy strategy by providing majority ownership and operational control of the Power JV.
The JV comprises the Temple I and II power plants, which position the company to respond to increased power demand in the Electric Reliability Council of Texas market. Growth in AI and data centre development is driving the demand for reliable power supplies.
The increased ownership enables BKV to include the JV’s financial results in its consolidated accounts, providing greater transparency in overall cash flow. This structure allows investors to more clearly assess the contribution of BKV’s power assets within its wider portfolio.
The new governance arrangements will improve alignment between power operations and BKV’s growth objectives while supporting continued reliability at the Temple facilities.
BKV CEO Chris Kalnin said: “The successful closing of this transaction represents a critical step forward for BKV’s power business.
“BKV’s majority stake in the Power JV enhances our strategic flexibility and strengthens our ability to capture and fully capitalise on the exceptional growth opportunities we see in the Texas power market.
“This consolidated platform will serve as our foundation for expanding our power asset portfolio while maintaining our strong partnership with BPPUS.”
BKV operates as a natural gas producer with assets in midstream infrastructure, natural gas-fired generation, upstream production, and carbon capture, utilisation and storage.
The company continues to expand its end-to-end energy value chain with an emphasis on baseload power delivery and sustainable energy solutions.
