AUSTIN — The Austin Electric Union (AEU) and South Side Electric are teaming up to sell its electric wine industry to a private equity firm.

The new ownership group of Austin’s largest electricity producer, Southside Power, announced the sale of its electric utility business to Austin-based WTI Energy Partners on Tuesday, the company announced.

The new ownership, led by WTI CEO and founder Brian WTI, plans to continue as a public company, but will focus on the wholesale energy business of the utility, the announcement said.WTI Energy plans to operate the company as a “partnership” for the partnership, with WTI and the AEU to “share operational and strategic information, manage risk and manage capital,” the company said in a statement.

It will maintain a stake in the company in perpetuity.WTE Energy has been a partner of Austin Energy since January.WTOP’s Andrew Einhorn contributed to this report.