With Damian Darragh having been abruptly removed, London-based private equity firm Terra Firma announced that three co-heads – Mike Kinski, Stefan Thiele and Ingmar Wilhelm – would from now on assume leadership of its renewable energy infrastructure team.
Kinski is a Terra Firma veteran, while Thiele joined last year from German power firm EnBW. Wilhelm joined in January this year from Enel Green Power.
Darragh, who had chalked up 20 years at Terra Firma, had overseen some of its more prominent investments in the space, including UK wind power firm Infinis – which towards the end of last year was listed on the London Stock Exchange – and Italian solar operator RTR.
It is unclear what triggered the parting of ways, and which role the firm’s founder and chairman Guy Hands may have played in it. According to news reports, chief executive officer Tim Pryce had grown “disillusioned” with Darragh’s role in fundraising for its debut $2 billion renewable energy infrastructure fund.
The spotlight will now be firmly on that fundraising process. Still in its early stages, Terra Firma declined to comment on its progress to date.
The fundraising has been widely viewed as a test of Terra Firma’s ability to fight back from the loss of its £1.75 billion (€2.1 billion; $2.9 billion) investment in UK music group EMI from the €5.4 billion buyout fund which closed in 2006.