A deal could see ECP collect more than $1.5bn according to the Wall Street Journal, which cited people familiar with the matter.
It added that the IPO route would see proceeds used to pay down debt.
Barclays and Goldman Sachs are reportedly working on options for the business.
Earlier this year ECP confirmed a final close for its third fund on more than $5bn of commitments, easily surpassing its $3.5bn target.
Energy Capital Partners III brought the firm’s total cumulative commitments to $13bn, having raised $2.25bn for Fund I in 2006, more than $4.3bn for Fund II in 2010 and an $805m mezzanine credit lending vehicle last year, as well as co-investment capital used in seven individual investments.
ECP focuses its private equity investments on control situations in the North American energy sector with a concentration in the power generation and the midstream oil and gas sectors.
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