Vision Ridge Partners’s sale of its stake in Arlington, Virginia-based independent power producer Earthrise Energy has been shelved, according to two sources familiar with the process.

The Scotiabank-led process underwent management presentations and at least an initial round of bids before it was pulled, according to one of the sources.

A second source noted that the market landscape has changed dramatically since sustainability-focused real assets investor Vision Ridge launched the process around March.

Vision Ridge invested in Earthrise from its 2021 vintage Sustainable Asset Fund III. Earthrise owns and operates legacy fossil fuel assets, developing solar capacity at the sites. The company repurposes the sites’ transmission infrastructure for the firm’s renewable energy projects, according to its website.

Earthrise, a public benefit corporation, operates around 1.7 GW of natural gas peaking plants in MISO and PJM, according to the website, and is developing more than 1.5 GW of renewable energy projects.

In December 2022, Earthrise announced its closure of USD 250m debt facility backing the acquisition of five natural gas peaking plants in Illinois.

Earthrise in June closed on a USD 150m tax equity deal for an Illinois solar project, as noted by the company. Marathon Capital was Earthrise’s financial advisor.

A new CEO

Earthrise has recently parted ways with CEO Steve Vavrik and promoted company CFO Jeff Hunter to CEO. The separation was mutual, one source said.

The source said that Vavrik’s departure was unrelated to the sale process being pulled.

Vavrik joined Earthrise in August 2023. He previously served as CEO of Broad Reach Power.

Earthrise and Vision Ridge declined to comment on the sales process or on the CEO change. Scotiabank did not respond to a request for comment. Vavrik did not immediately respond to a request for comment.