Enbridge | October 03, 2022
Tri Global Energy (TGE), one of America's leading developers of renewable energy, has completed its acquisition by Enbridge, Canada's largest energy company.
For the second quarter of 2022, the American Clean Power Association (ACP) ranked Tri Global Energy as number 10 in the U.S. for overall renewable energy development (onshore and offshore wind, solar, and battery storage projects), number three for onshore wind development nationally, and number one for onshore wind development in Texas, one of the world's largest producers of wind energy. ACP includes projects both under construction and in advanced development.
Since its founding in 2009, Tri Global Energy has developed 8.7 GW of power from 37 total projects in seven states - Texas, Illinois, Indiana, Nebraska, Pennsylvania, Virginia, and Wyoming. TGE has successfully originated, developed and sold multiple projects to leading renewable equity partners such as NextEra, Copenhagen Infrastructure Partners and Engie. This includes 10 Texas wind projects, which are now in commercial operation.
"When we established Tri Global Energy, we had a vision of creating a better way to develop wind energy projects. This proved to be what the industry needed to help accelerate the transition to renewable energy in the U.S., Today TGE is a leader in clean energy with a highly talented and experienced team. Our current opportunity with Enbridge allows for continued robust growth to meet the challenge of our lifetime – the transition to a low-carbon economy."
-John B. Billingsley, Founder Chairman and CEO, TGE.
Lazard served as lead financial advisor to Tri Global Energy, and Haynes and Boone served as outside counsel to Tri Global Energy.
About Tri Global Energy:
Founded in 2009, Triu Global Energy is a leading renewable energy developer drawing on the natural, renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy. Tri Global Energy is among America's top utility-scale renewable energy developers. In fact, for more than a decade, the company has been the largest developer of wind energy projects currently under construction in Texas, the nation's leader in wind capacity.
SOLAR+STORAGE,STRATEGY AND BEST PRACTICES
Tri Global Energy | September 30, 2022
Enbridge Inc. ("Enbridge" or "the Company") announced it has acquired Tri Global Energy ("TGE"), a leading US renewable project developer, for US$270 million in cash and assumed debt. Additionally, up to approximately US$50 million in payments could be made contingent on successful execution of TGE's project portfolio. TGE is currently the third largest onshore wind developer in the US, with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity.
"TGE will enhance Enbridge's renewable platform and accelerate our North American growth strategy, TGE's significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns. We're excited to be welcoming the TGE team to Enbridge, further strengthening our capabilities as we ramp up our renewable business."
-Al Monaco, Enbridge's President and Chief Executive Officer.
Enbridge expects North American renewable power fundamentals to remain robust. Rising targets for State renewable portfolio standards and growing private sector demand for zero carbon electricity are set to drive investment in wind and solar power generation significantly higher in the next decade.
TGE's large development portfolio is well-positioned to capitalize on this growth, including 3.9 GW of renewable generation projects TGE previously sold to operators, which will generate development fees and accretion to distributable cashflow per share in the first year following the acquisition of TGE. In addition, 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028, providing a visible ramp up in cash flows along with a large slate of further projects in earlier stage development beyond that period.
The TGE team has successfully developed and monetized over 6 GW of utility scale renewable projects since its inception in 2009. TGE's development team will remain in place following closing of the transaction, ensuring continuity of ongoing development activities. CIBC acted as financial advisor to Enbridge and Eversheds Sutherland acted as its external legal counsel.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050.Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at Enbridge.com
About Tri Global Energy
Founded in 2009, Tri Global Energy is a leading renewable energy developer drawing on the natural, renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy. Tri Global Energy is among America's top utility-scale renewable energy developers. In fact, for more than a decade, the company has been the largest developer of wind energy projects currently under construction in Texas, the nation's leader in wind capacity. For further information on TGE please visit www.triglobalenergy.com.
STRATEGY AND BEST PRACTICES,ENERGY
SPAN | September 30, 2022
SPAN, the leading innovator in smart home electrical panels, and Suntuity Renewables, a national residential solar, storage, electrification and renewable energy integrator, today announced a new partnership to include SPAN Panels with Suntuity solar panel systems to residential customers, through Suntuity’s national Dealer Network.As SPAN’s first Master Dealer, Suntuity's dealers and affiliates will immediately include SPAN Panel and SPAN Drive electric vehicle chargers with solar and solar plus battery systems offered to Suntuity’s customers. Adding a SPAN Smart Panel to a home solar system provides an unprecedented level of visibility and control over the home’s energy system. SPAN Panel provides homeowners with insights into their solar production in real-time, customizable circuit-level control and monitoring of every circuit in their home, and 40 percent longer battery backup power during an outage, on average. With the newly signed Inflation Reduction Act, rebates and incentives are available to lower the total cost of SPAN solutions for homeowners looking to electrify.
Additionally, SPAN and Suntuity will expand Suntuity University to train and upskill electricians to install SPAN solutions and the latest solar and renewable technologies. Funds provided by the HOPE for HOMES provision within the Inflation Reduction Act funding will support Suntuity University’s aim to address a core impediment to electrification and close the gap in the availability of green economy workers.
As SPAN ramps up production of SPAN Panels and adds new features and functionality, we are excited to partner with Suntuity, a SPAN Master Dealer, to make SPAN Panels available to more homeowners who want to generate their own clean energy, electrify their homes, or simply improve their quality of life,” said SPAN CEO Arch Rao. “We applaud Dan and the Suntuity team for their dedication to upskill technicians in our industry. As more customers transition to renewable energy systems and electrify their homes with more efficient electric appliances, the growth in available technician talent will be critical to our collective success towards a cleaner future.
“As a growing global solar and renewable energy developer, financier, engineering, procurement and construction provider, Suntuity is excited to partner with SPAN to ensure we're offering our solar customers and dealer partners the best products on the market by including SPAN’s groundbreaking home electrification technology with our own high-quality solar and battery systems. We expect the U.S. residential solar market to accelerate, thanks to new consumer incentives provided by the Inflation Reduction Act that reduce the cost of going solar, and we aim to provide best-in-class home electrification products and services to millions of American homeowners,”
-Suntuity Group President and CEO Dan Javan.
SPAN reinvented the 100-year-old electrical panel and is developing products that enable electrification and simplify the adoption of clean energy including solar, batteries, and electric vehicles. SPAN Panel gives customers circuit-level management, real-time monitoring, and actionable energy insights through the SPAN Home app’s intuitive interface. Designed with hardware innovation and purpose-built with intelligent software, SPAN Panel and SPAN Drive electric vehicle charger are an efficient and integrated solution for any home. Backed by leading investors in the clean energy space, SPAN aims to decarbonize by building products that remove barriers to electrification while providing a holistic approach to managing increasing demands on household energy. To learn more, visit www.span.io.
About Suntuity Group
The Suntuity Group is an American multinational company that consists of several national brands that encompass renewable energy, finance, water filtration and home services. Founded in 2008, the company has operations in several US states and countries and services thousands of customers across its service footprint. Discover how to become a channel partner with Suntuity Renewables and join forces with one of the fastest growing renewable energy leaders in the nation. For further information, please visit www.suntuitygroup.com
About Suntuity Solar
Suntuity Solar is a top solar and storage provider in the U.S. With thousands of customers and hundreds of dealers, the company delivers best in class solar PV and storage solutions in a fully financed package. For more information, please visit www.suntuityrenewables.com
About Suntuity Electric
Suntuity Electric is a licensed electrical contractor across several U.S. states and provides electrical installation and home electrification services to an ever-expanding residential and commercial customer base. For more information, please visit www.suntuityrenewables.com
About Suntuity Home
Suntuity Home is a licensed home builder and delivers state of the art home electrification and consumer technologies in several U.S. states. Its product offerings include home automation, roofing, water filtration and award-winning Net Zero home construction. For more information, please visit www.suntuityhome.com